Most business owners would agree that it’s important to maintain insurance to protect business assets. When they think about insurance, business owners generally consider protection against hazards such as fire, flood or theft at their company sites. This is obviously an important protection to have.
However, there are other types of hazards that may not be quite as high on the list, but protection could be every bit as important to offset significant financial losses. Here are five examples that underscore the need for comprehensive business insurance protection:
Company vehicle contents: If you operate a business with employees on the road making service calls to customers, chances are there is valuable equipment contained in the company vehicles. But a typical auto insurance policy would probably not cover the contents of a company vehicle if that valuable equipment is lost or stolen.
Tenant property improvement insurance: Do you rent space to conduct your business? Have you built out the interior of your space or made improvements to accommodate your business needs? If so, you probably made a considerable investment in the improvements. But many property insurance policies don’t include the value of the improvements made by a tenant to the existing structure. If you’ve invested in improvements, it’s worth taking a look at securing coverage to protect it.
Home-based business equipment: More and more people are working at home at least part of the time, even if they maintain an office or site elsewhere. Most don’t have insurance on the business equipment they keep at home; many assume their homeowner's insurance would cover it. However, homeowner’s insurance generally does not cover business equipment. If you have expensive business equipment at home, you may want to consider purchasing additional protection.
Business interruption insurance: Remember the series of hurricanes that hit Florida? The wild fires that damaged cities and towns in California? The flooding that disrupted life in the Midwest? In addition to the effect that disasters have on individuals, they can bring businesses to a standstill for weeks or even months. Business interruption insurance can provide a way to get back on your feet.
Key person insurance: In many companies, the knowledge and skills of a single person or a top few are absolutely essential to the enterprise’s success. Key person insurance can help a company recover if an essential employee dies or becomes disabled for a lengthy time. The coverage can provide needed funds that allow the company to continue operating during a search for a successor or until the key employee returns.
As you can see, there are many hazards businesses face that aren’t covered under a typical insurance policy. However, you can get extra protection with the types of coverage outlined here. Since you invest so much time, money and effort into your business, it pays to make sure you have the protection you need.
Make sure you're covered with Dallas Business Insurance from All About Insurance today.
It’s easy to start your own e-commerce business…maybe even a little too easy. Trading money for goods and services online often comes with little startup cash, no need for forms or legal advice and no legal requirement for insurance.
Contractors visit homes and businesses all the time in order to make repairs to electrical systems, plumbing and other sophisticated and vital systems. And while you definitely need to have a contractor come in and do these things to keep your home and/or business safe and functional, you should be aware that there is a certain amount of exposure that you are risking when you have these repairs done.
The Added Risk of Construction
Medical professional liability (also called malpractice insurance): If you act in a professional capacity in the medical industry, then this insurance is appropriate for you. But medical professional liability isn’t just for doctors, nurses and dentists. It is also an appropriate coverage for physical therapists, surgeons, ophthalmologists, medical institutions, and others. It can cover you if you fail to administer a treatment that you should have, if you perform a medical act poorly, if you use poor judgment when diagnosing or treating someone, if you fail to inform a patient about possible side effects or alternative treatments, and other insurable incidents. Some medical facilities may not allow you to work out of their building if you do not carry this coverage.
Mansfield is a town in Ellis, Johnson and Tarrant Counties in the State of Texas. Mansfield is a dynamic, growing community with a rich history and a bright future. In its more than 100 years Mansfield has developed from a rural, farming community to a bustling suburban city of more than 50,000 people.
Every day you conduct your business in the face of many potential liabilities. No matter how hard you try to avoid them, these liabilities can adversely affect your company’s finances unless you have
One of the hottest items on 2010 Christmas Lists will be a smart phone. These clever little devices are packed with fun gadgets, games, and ringtones which make them a top choice among teens, while capabilities like parent controls and GPS locators make them a smart choice for parents. Many parents have found that the peace of mind in being able to keep in touch with their kids is well worth the cost of a cell phone.
The sad truth is most of us will be involved in an automobile accident at some point in our lives. Even if you are not injured, there are certain things that you should and should not do.
Recent Comments