Protecting Your Business
To own a successful business, you’ll need the protection of several types of insurance. By asking yourself a few key questions you can get started in the right direction.
Are you on the road, in the office or working from home?
Depending on the role that driving plays in your business, vehicle insurance might be necessary. Just driving to and from work should be covered under your personal auto policy. However, if you use company cars or get paid for delivering products, you’ll want to look into extra coverage. When renting or purchasing an office space, property insurance is required. This protects your equipment in the event of theft or fire. If your building is located in an area that is prone to floods or major natural disasters, you will need additional coverage beyond your basic property coverage. Talk to your insurance agency if you are starting your company from home. You will need additional coverage on your homeowner’s policy to cover equipment or inventory related to your business.
Do you have employees?
When you employ other people, you are responsible for covering them in certain situations. You may want to look into Group Insurance Coverage if you’d like to offer health insurance. To account for the possibility of lost wages, Business Interruption Insurance and Worker’s Comp Insurance is very important. Business Interruption Insurance is for situations where your employees are unable to work for a period of time. An example of this would be if you move the business to a new location and employees have to be off for a few days during the move. Worker’s Comp is for any medical, disability, or death benefits related to the workplace environment or the job requirements.
Are you selling a product or giving expert advice?
If you sell a product, you’ll want to make sure it is insured. Product Liability Insurance covers safety issues that can occur as a result of someone using your product. Your coverage needs will vary based on the nature of your product. Professional Liability Insurance is also tailored to your specific profession. Medical doctors will need a different policy than electricians, for instance. An underwriter should be able to assist you with getting the proper coverage for your unique business endeavors!