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Have I Covered My Small Business As Best I Can?

By: Thomas M. Kallman

As a small business owner, you don’t have time to oversee many different types of commercial policies and that’s why many small-to-medium sized companies choose to purchase a business owner’s policy to meet their diverse insurance needs. This type of policy lets you consolidate different commercial coverage’s under one comprehensive policy. Each policy is tailored to the unique needs of your own business. The above coverage can provide protection for your buildings, equipment, inventory, computers, and more. It can also insure against losses from incidents such as personal injury, lost business income, dishonesty and liability.

Like home insurance, business insurance protects the contents of your business against fire, theft, hurricane, and other types of losses such as liability law suits. It is prudent for any business to purchase a number of basic types of insurance and while some types of coverage’s may be required by law, others simply make good business sense. The types of insurance listed below are among the most commonly used and are a starting point for evaluating the needs of your business.

A business owners policy combines multiple coverage’s under a single, comprehensive package. It is designed for the unique needs of different businesses. Whether you are in manufacturing, printing, home building, plumbing, retail, service or other industries, you can select the coverage right for you. Depending on your industry, coverage’s may include the following:

• Commercial Property; including fire, theft, and business interruption coverage
• Comprehensive General Liability Coverage; including premises and product liability
• Business Auto
• Umbrella Coverage; coverage in excess of primary auto and general liability limits
• Worker’s Compensation
• Surety Protection
• Employee Dishonesty
• Electronic Data Processing; insuring against computer hardware and software losses

Business Interruption coverage is often overlooked and is crucial to the survival of any business after a loss. While property insurance may pay to replace damaged or destroyed equipment or buildings, how will you pay costs such as taxes, utilities and other continuing expenses during the period between when the damage occurs and when the property is replaced and you are able to re open ? Business Interruption “business income” insurance can provide sufficient funds to pay your fixed expenses during a period of time when your business is not operational.

A Business owners package policy offers convenience and the potential for cost savings because all coverage is issued under one policy. Just as important, your coverage is designed for your company’s specific situation and insurance needs. You obtain the coverage you need and reduce the possibility of either dangerous gaps or costly duplication of coverage. Many often needed but seldom purchased “Throw In” type additional coverage’s are automatically included in this all in one type policy.

Call your Agent and ask if they can provide this type of comprehensive coverage for you.

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