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The one insurance package receiving most attention is liability coverage. It has taken on major attention with the every increasing number of related lawsuits that commonly reach millions of dollars. Generally, you are concerned with bodily harm to another due directly or indirectly to some action or inaction on the part of you or an employee. Even those contracted by you can cause a liability suit to file against your company.
If your company uses vehicles in the performance of work you cannot ignore the need for automotive insurance. Even if you or an employee is not to blame for an accident your insurance company will be faced with expenses of legal and court fees defending you. Therefore, it is possible your premiums will rise.
Other policies you may want to consider include:
- Business Interruption insurance to cover fixed company expense like salaries, taxes, interest expense and more in case you are forced to close down operations for reasons of fire and other specified events out of your control.
- Rental insurance if you lease your business space and are forced to shut down due to fire and other related incidents.
- Group life and health insurance for you and employees, if you have any.
As with many small businesses, you may not be able to budget for maximum business insurance coverage. But identify basic needs. Visit with a commercial lines insurance agent you trust, and learn the specifics about each type of policy and the various categories of liability. Then establish insurance policy priorities based on their feedback and your budget.
Discover how easy Highmark Life & Casualty makes getting Life and Disability coverage for you and your employees.
© 2000, Carroll Stephen Windhaus
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