Jerry Falwell Insurance Advices

Archive for the ‘Business Insurance’ Category

Putting out a shingle and getting customers is not the only thing you need to know about doing business. In fact, some of the easiest things to overlook are some of the most crucial elements of a business. A business owner may think business insurance is only necessary for the big guys, but anyone that deals with the public needs to understand the importance of protecting their business operations and assets. If you think it is a unneeded expense, you’ll regret it when your company gets sued, or you find out you could have recovered some of your losses from a business interruption, if you’d just taken the time to get insured. Financing it isn’t hard for a business that has a proven track record, as you can use many forms of credit, even a merchant cash advance, to include this expense in your budget.

Types of Business Insurance
Every business needs a thorough review of their risks to decide what insurance they need to get to cover them completely. For the majority, they will need property insurance on their business assets and location, liability insurance, and business interruption insurance.

• Property Insurance – Even if you are a sole proprietor, you will need some form of insurance to cover you against loss or damage of your business equipment. You will have to decide what events you want to be covered for: a fire, theft, flood, and so on. It can cover your business location, if that is owned by the business. However, even if you only rent your business property, you can still get property insurance for specific losses associated to property and assets within your business location.

• Liability Insurance – This type of insurance protects your business when someone sues it for negligence. It covers you and your employees, regardless of whose fault caused the injury.

• Business Interruption Insurance – If you suffer some interruption to your business that keeps you from operating normally, your losses may be recoverable with this insurance.

When You Have Employees
The need for insurance increases with the addition of employees and a motor fleet for those employees. You will need additional coverage, in terms of automobile policies for commercial purposes (even if you’re the only one using it that way) and worker’s compensation insurance. In addition, health insurance may be added to the roster of costs that need to be budgeted to keep the business operating smoothly and reduce the risk of loss.