| The success
of a business, whether it's a tiny enterprise run
out of a basement or a large corporation, is
largely dependent on hard work and ingenuity.
However, no matter how industrious the business
owner, one simple mishap such as a hurricane or
lawsuit can wipe out all the profits and even
destroy the business. The key to making sure that
all the effort and money invested in a business
doesn't disappear when a disaster strikes is to
protect a business with the appropriate
insurance. There
are 5 main coverage areas that you should
consider in your business insurance package. They
include general liability coverage, property
coverage, Business interruption coverage, crime
protection coverage, and workers compensation.
Commercial General Liability
This insurance
covers damages you may be required to pay others
as a result of your actions or negligence. It
usually includes coverage for bodily injury,
property damage, personal injury and medical
payments. This extremely important insurance
provides protection for incidents such as
injuries to customers or visitors when they are
on your premises. It also covers damage to the
property of others caused by you or your
employees.
Commercial Property Coverage
This covers
the risk of financial loss due to damage to
buildings, inventory and other property of a
business. In the event of damage caused by fire
or storm, Commercial Property insurance can help
repair or replace the buildings, inventory,
equipment, machinery and other business property
affected.
Business Interruption
This coverage
will reimburse you for the loss of earnings
(profit) due to an interruption in your
operations. If your business location is
destroyed, this coverage could provide you with
the resources to take care of utilities, payroll,
loans and other obligations while the business is
in the process of being restored.
Crime Protection Insurance
This coverage
provides reimbursement for losses due to forgery,
theft, employee dishonesty and numerous other
offenses. It covers crimes committed by
employees, intruders, customers, professional
criminals and others.
Workers Compensation Insurance
This covers
your obligation under Workers’ Compensation
laws, which make the employer responsible for
stated damages in the event of a work-related
injury or illness. Medical expenses for
accidental injury to an employee in the workplace
— whether it be from a minor incident or a
serious disaster, or involve temporary or
permanent disability, loss of work time,
alternative vocational training or related costs
— are all covered by Workers' Compensation.
This insurance can also provide separate coverage
for employers' liability in the case of a
Workers' Compensation claim.
Note: Each insurance policy will differ,
in terms of amounts covered, so be sure to sit
down with us and review your business insurance
needs thoroughly.
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