If you own a business you have a lot riding on it. Perhaps you have employees who you are responsible for or perhaps you own property as part of your business. With every business entity, you need to know how to protect your assets. Your business can readily close if something unexpected happens and you don’t have the proper coverage.
- Acts of God like floods, hurricanes and tornadoes
- Malpractice litigation
- Business mistakes or employee errors
You need business insurance to cover your property and general liability to protect against inherent exposures. Errors and Omissions or malpractice insurance is an important coverage that need to be considered. In this litigious society, a business can be sued for anything that happens on its premises or if it’s a business that comes to homes such as plumbers, electricians, or home cleaning services they can be sued for something happening while at a client’s house.
There are many aspects of your business which need insurance protection. Your business location and its contents need to be protected against loss or damage. This coverage can also insure the property of others in your control, when a loss occurs. Property insurance can be for a specific risk, and the insured location can be owned, leased or rented.
Liability insurance insures against liability legally imposed upon your business because of the negligence of the business or its employees. Put another way, it protects your business if the business is sued for negligence.
You will need to insure your employees against on-the-job injuries. Worker’s compensation is a system where the employee is not allowed, by statute, to sue their employer for on-the-job injuries; but, in return, the employer must participate in a system that provides nearly automatic payment to the employee in case of injury for medical bills and damages.
Your personal automobile policy does NOT cover vehicles used by your business. If your business uses vehicles that are titled to the company, then you need a commercial auto policy. You will also need coverage for your employees when they use their vehicles to go to the bank or run an errand for the business. Commercial auto coverage insures against property damage to vehicles and bodily damage caused by those vehicles.
You will need to insure your employees against on-the-job injuries. Workers’ compensation is a system where the employee is not allowed, by statute, to sue their employer for on-the-job injuries; but, in return, the employer must participate in a system that provides nearly automatic payment to the employee in case of injury for medical bills and damages.
Business interruption insurance insures against loss or damage to the cash flow and profit of a business caused by the business being unable to operate because of interruption. The easiest example to think about is a hurricane causing enough damage to your facility that you are unable to open. The repairs to your place of business may take weeks or even months depending on the severity, and if you have no facility for those months, then there is no replacement of income without this coverage.
Rebecca Avrin understands what a small business needs in terms of coverage. She’s a small business herself. But even if you are a large business, she understands the coverage you require. Contact Rebecca here for a free consultation. You can also Request A Quote and see if your business is paying too much for the coverage it has now.