Business and Personal Insurance Experts
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December 4, 2018
Regardless of the size or nature of your business, the need to have a business insurance remains the same. There are many different aspects of your business that you want to take into account when searching for new business insurance–or checking your current coverage. As each company is different, each company has different insurance requirements. A company that produces physical goods, for example, may require different insurance than a company that offers service. In either scenario there are some similarities and here are some types of insurance that should be considered by all companies.
Workers' Compensation Insurance is required by law in almost every state for your employees. It can cover medical costs and a portion of lost salaries for an employee who gets injured or sick at work. This type of insurance typically only covers injuries or illnesses in the workplace–for example, if an employee slips and falls on a wet floor.
Since the laws concerning the Workers' Comp may vary depending on where your company is located, it is important to work with an insurance professional to ensure that you receive the required coverage and what you need for your particular company.
General Liability Insurance protects you and your company from a variety of claims, including accidents, injuries or negligence claims. This type of insurance can help to pay damage to property, medical expenses, libel, slander, legal costs and defective products. Nobody expects to be prosecuted, but the truth is that it is always possible. You don't want to leave your company open to these kinds of situations, and the larger the protection, the better.
Professional liability insurance can also be referred to as "Errors and Omissions Insurance "or "Malpractice Insurance. "It protects you from lawsuits alleging negligence in the provision of professional services, shoddy work or errors or omissions. This type of insurance is especially important if you have a service-based company, but also for other types of companies. Errors occur–so adequate Professional Liability Insurance can help, even if you don't think you're going to need them.
The definition of "property "is broad and can apply to different types of companies. That is why it is important to ensure that you have adequate Business Property Insurance. Without this type of insurance, most small companies would not be able to replace their equipment if damage or destruction occurred. This type of insurance property may include buildings, computers, inventories, supplies and equipment. There are two types of Property Insurance: "all-risk "policies cover everything and are a good way to avoid duplication or coverage overlap, as well as shortcomings in trying to cover your liabilities. " Peril-specific "policies or coverage of "named-peril "only apply to specific hazards specifically identified in this policy. Usually they are needed if there is a high risk in a very specific area.
Providing employee life insurance can be a valuable benefit in attracting high-quality employees. A company can even offer additional coverage to managers. These employees are considered crucial for the operation and success of the company and may sometimes require additional insurance in addition to the normal employee benefits. This can be another advantage to attract top talent.
A company can also offer special 'Key Person' policies to employees without whom the company cannot operate. Key person Insurance protects against the unexpected death of a key employee–often the benefit amount is equal to the expected loss of revenue and the cost to find and train an appropriate replacement. The company pays the premiums, and the insurance is considered a company asset.
Some of these basic coverages can be combined as a package policy, often referred to as a Business Owner's Policy or BOP. Many insurance companies bundle certain coverages, which can save you money as long as you ensure that you receive the proper coverage type.
Even if you feel that you have adequate business insurance coverage that meets all your current needs, it is still advisable to check all your coverage annually to ensure that your coverage continues to provide all you need. This is especially important if you or your company have experienced major changes, such as changes in the status of your family, or a significant increase or decrease in business. In addition, be sure to work with a renowned, licensed insurance agent or broker with knowledge about your business.
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