I hope that 2009 has been going well for you so far!
At some point during the next 12 months, you will need to renew your insurance policies. Before doing this, it is best to take the time to sit down and consider exactly what type of insurance your company needs.
Many businesses don’t have enough coverage for their property and their employees, while other businesses have insurance that isn’t necessary.
Either way, you may end up spending money that could easily be fixed by just knowing all the types of commercial insurance available and the reasons for obtaining them.
Property Insurance
Of course the most important type of insurance to have as a business owner is property insurance. Remember that your homeowners’ policy will most likely not cover your business, even if the business is run out of your home, although many do have options to add on to your homeowners policy with separate provisions for your business. You may need to seek out a business property insurance policy, though.
Liability and Medical Coverage
This is the same as it would be for a homeowners insurance policy, except that it would include any damages a customer sustained while at your company. Of course, if you work out of the home and no one ever visits you in the home, probably isn’t necessary. But this is essential insurance for anyone who has customers or clients that regularly walk into their establishment. Necessary liability coverage varies for different businesses.
Automobile Coverage
Again, if you are using your own car for transportation of goods, then your regular automobile insurance should cover the needed insurance for your automobile. But, if you have a series of vans or trucks for delivery or will be giving employees a company car, you must have automobile insurance.
Most likely you will need an extended policy through your auto insurance or a separate business auto insurance policy to cover these extra automobiles.
Health Insurance, Workman’s Compensation and Other Benefits
If you are self-employed, you can acquire health insurance and other benefits like life insurance through a spouse or can find a good deal on independent insurance for just you and your family. If you have any number or employees, though, it is a huge benefit to offer those employees health and life insurance. Many employees won’t even consider working for a company where they do not have the option to pick up a benefits package.
Of course, this isn’t all the information you need (there just isn’t enough time or space to list it all), but if you have any questions about business insurance policies, please call our office.
Don’t forget the importance of protecting yourself, your employees and your business!
For more information on your business insurance needs feel free to email me – Rich Krasnomowitz/US Insurance Agency @ richk@usinsagency.com
