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COVERAGE FOR YOUR BUSINESS

As a business owner there are many things to think about and to consider. The success or failure of your business

lies solely on your shoulders. To obtain or not to obtain a policy can have you scratching your head, especially if you feel your business is too small for the expense. In actuality, no business is too small to carry insurance.

To help you determine or consider:

•If you have business supplies, coverage for loss or damaged supplies is worth carrying to balance against additional

business expenses and liabilities

•If you interact with the public you can be at any time subjected to lawsuits; therefore, liability insurance is important.

Two of the most important type of business insurance to carry is liability insurance and property insurance.

Liability Insurance for Business

This type of coverage is the most important type of insurance to carry. You will be liable if someone is injured or suffers a personal property loss as a result of something your business has done or sold, or even while on the physical premises of your, you could be held liable. If any of these incidents occur, it could result in huge financial losses. Your guarantee – your insurer will pay claims up to the limit of coverage you taken out in such circumstances.

Property Insurance for Business

This type of insurance is a must for almost all businesses because it protects any property the business owns from damage resulting from fire, theft, water damage or other named perils. If you carry inventory- it is imperative that you carry property insurance if your business has its own location- you need the carry to correct type of property insurance to replace the building or repair damages to in case of a covered loss If your business is a small one run from home- Make sure you add your business equipment to you homeowner’s policy; in case of damages or loss you would be covered under homeowners insurance.

Additional Types of Business Insurance

Your specific type of business may need industry specific coverage. There are numerous policy options that can cater to your needs.

Specific Coverage Options- (this list is not comprehensive)

Professional Liability Insurance – Working professionals should consider this coverage in case of loss occurring stemming from your professional services.

Workers Compensation Insurance — It is mandated by the state to carry, typically in conjunction with the size of your staff and the industry within which you operate. In order words, you may not need to carry workers compensation insurance because the number of employees you employee does not meet the state’s minimum criteria; however the type of industry you in could be the factor determining that you must carry workers compensation insurance. That is reason, it is imperative that you speak with the right agent.

Environmental Liability Insurance — This type of coverage is worth the investment if your company produces, uses, or deals in chemical toxic to the environment. Coverage will pay out the costs of clean-up, property damage, or bodily injury that occurs as a consequence of your company.

Equipment Breakdown Insurance — This coverage will project you if loss is incurred due to machinery breakdown. It is ease to your daily burden as a business owner knowing you can have help in paying for the repairs or replacement, the cost of spoiled inventory, and other fees associated with a breakdown.

Interruption Insurance — Will cover costs if your business is unable to run for any of a number of named reasons. This is a great coverage to consider. This policy helps to protect you from losing your business. Think of it this way; the bills coming in; but you are not making any money.

Auto Insurance with Business Use Coverage — If you have more than one personal vehicle for business purposes, this coverage is mandatory.

Commercial Auto Insurance – If you have vehicles owned by your business you will need to carry this type of policy. The value of the car(s) and whether or not they are financed will aid you in deciding how much coverage to carry; aside from the basic coverage.

Umbrella Liability Insurance – This type of coverage further increases your liability protection on all your different coverage policies you have purchased that include liability protection. It is additional protection from any claims that can come about that might need a gross amount of liability protection.