There are a few types of insurance any business owner or business should own, and the include (but are not limited to)…
Life Insurance. Life insurance protects loved ones against your death, but it can also be used to benefit your business–or save–your business. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind both personally and professionally; having life insurance allows you to know that your loved ones or company will not be burdened financially upon your death.
General Liability Insurance. Every business, even if home-based, needs to have liability insurance. The policy provides legal defense and settlements or awards of damages if you, your employees or your products or services cause or are alleged to have caused bodily injury or damage to a third party.
Property Insurance. If you own your building or lease space, or if you store business property at your home including office equipment, computers, inventory or tools, you should consider purchasing a policy that will protect you in case of fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate–if income is hindered, you still have to pay your obligations, and these coverages can help you do that.
Commercial Auto Insurance. Commercial auto insurance protects company owned vehicles that carry employees, company products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to a Business Owner’s Policy which combines general liability and property insurance.
Homeowners and Personal Auto Insurance. As your business grows, your personal assets do as well, generally speaking. Don’t neglect your personal insurance needs; increase your coverage limits as your assets grow.
Umbrella Insurance. You may want some additional coverage, on top of insurance policies you already have. This is where an umbrella policy comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowner’s or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted. Any business owner should consider this policy to protect their hard earned personal assets.
Nothing can replace speaking with a knowledgeable insurance professional about the types of commercial insurance policies, and determining what your business needs now, and in the future as it grows.
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