Are you an entrepreneur eager to market your idea or product? One of the things you need to put on the top of your list is the type of insurance you need to protect your business, your product liability and the public.
Each business has its own unique insurance needs, so in getting started, it’s wise to consider an agent with commercial insurance expertise.
Next, educate yourself on basic insurance coverage and proper limits to help protect your investment. Your agent will be able to suggest appropriate coverage, and you can select what fits your needs and your budget. Remember, as your business grows, it will be important to keep good communication with your agent so coverage can be added as necessary.
Here is a list of basic insurance you’ll want to consider in starting your business:
General Liability: Coverage for your negligent acts resulting in bodily injury or property damage on your premises, while using your product, or in the general operation of your business.
Property Coverage: For your building and business personal property from perils such as fire, lightning, windstorm, hail and theft. Look for the special peril form as this will give you the broadest protection. Consider business income coverage to provide protection should your business suffer a loss from a covered peril, and you are unable to continue your operation temporarily and need to supplement your loss of income.
Business Auto: Don’t rely on your personal auto if you are using your auto for business purposes. Business auto will give you the standard liability for bodily injury and property damage to others as well as comprehensive and collision coverage for damages to your vehicle. But it will
also allow for hired and non-owned auto coverage if your employees use their own autos to run errands for your business and will cover the loading and unloading exposure.
Inland Marine: This coverage will protect your property when away from your premises such as your tools in your truck, items you are hauling for delivery, or large pieces of equipment you are transporting to a job site.
Workers Compensation: If you have employees, the law requires you to carry this insurance. This provides benefits for your employees if injured on the job to include medical care, death benefits, disability and rehabilitation.
Umbrella: Excess liability coverage to protect from large catastrophic claims.
With some good basic insurance knowledge and the help of an experienced commercial lines agent, you can keep your focus on growing your business and rest assured your insurance will be there to help you should you need it.
Source: Becky Haufle, INSPRO Insurance, Lincoln, Nebraska. Becky has earned the designation of Certified Insurance Counselor and has over 30 years experience helping business owners with their insurance needs. She can be reached at 402.483.4500 or firstname.lastname@example.org. Visit the company website at http://www.insproins.com.
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