Small Business Thought of The Day - Business Insurance Tips
As a business owner, you have a responsibility to protect yourself and your company. Business insurance ensures the safety of your business and brings you peace of mind.
There is a dizzying array of insurance options available to you and your business. Talk to your accountant and an insurance agent to find out what you are legally required to have. Then evaluate your business and its environment to decide what additional options you need.
The basic type of business insurance is general liability protection. It protects you from financial ruin in case of a lawsuit arising from personal, property, or bodily injury that occurs at or because of your business. With the risk of getting sued on the rise, General Liability is a necessity for your business.
Worker's compensation insurance is required by law. If you have employees, you must cover them under worker's compensation. Worker's compensation protects your employees and your business by providing medical benefits and money to an employee who is injured or sickened on the job. By accepting the benefits, the employee forfeits the right to sue you over the injury.
If your business is brick and mortar, explore your property insurance options. Review the terms of each policy thoroughly so you know exactly what is covered. Flood and earthquake coverage is usually optional, and maintenance problems may not be covered at all.
Don't forget to insure yourself against risks associated with owning company vehicles. Insurance for commercial vehicles may be different than for your personal automobiles, so explore your options carefully.
The types of business insurance available to you are extensive, ranging from your basic insurance to special coverage against discrimination or to protect board members and trustees. Carefully research your options before making the best choice for your business.
See Also:
Business Insurance - What You Need To Know About Before You Get It!
Leave a comment