Business Insurance What Kind Do I Need?

A business is subject to many hazards and needs, and each business is different in this regard; this makes insurance one of a company's most critical decisions. To help you understand the different choices you have a business owner, take this short questionnaire.

1. Is your business a home based business? There are four main insurance areas for a home business: "Increased Limits on Business Property' and "Business Pursuits,' both endorsements to homeowners' policies; "In-Home Business;' and "Business Insurance.'
2. In case fire or wind destroyed your building or inventory and assets, how would yo pay for replacement? Property Insurance provides protection for this risk.
3. What if you had company vehicles destroyed in an accident? For auto coverage, purchase a Commercial Auto Insurance Policy that provides physical damage and liability coverage.
4. If someone were injured on your property, how would you pay their claims? Purchase a Business Umbrella Liability Policy with general liability coverage.
5. If you serve or sell liquor, how do you cover your liability? You could lose your liquor license if you don't have Liquor Liability Insurance.
6. Do you or your employees drive, park, service, or store vehicles belonging to customers? If so, you need Garage Keeper's Liability Insurance in case of damage or personal injury while driving a these vehicles.
7. What if you have a dishonest employee and money, assets, or merchandise is stolen? You would be protected by Employee Dishonesty Coverage.
8. If one of your employees is injured on the job, how will you cover the costs of medical care, wages, and possible legal action resulting from the injury? You are covered against employee claims by Workers' Compensation Insurance. Go to INDEX-State Requirements for Workers' Comp for more information on your state's requirements for Worker's Compensation requirements.
9. If you have a key employee who is crucial to your company's operations, what would you do in the event of her death? Key Person Life Insurance would cover your costs in replacing and training the replacement employee.
10. Is there a "buy-sell' agreement that provides for the continuity of business if your business partner should die. If so, make sure you have enough funds and assets to cover your partner's share of the business now with a life insurance policy on that partner.
11. Are you concerned about the health and welfare of your employees? Get a good group health insurance benefits package for the sake of their morale as well as their health.