If you own a business, having all the proper insurance coverage is important to protecting your business finances as well as your personal finances. It is possible, even if you are incorporated, to end up having to pay a legal settlement because of something business related. Just because you have general liability insurance does not mean you have everything covered. Talk with your business insurance agent to make sure you have nothing to worry about. Here are just a few things you need to make sure are addressed in your policy.
Property Damage
General liability insurance protects you from having to pay if you or one of your employees damages someone else's property. If there is a fire that can be traced to your business and it damages the store next door, your insurance will cover you. However, it may not pay to replace or repair the damage done to your establishment. Make sure your policy includes commercial property coverage to take care of your business property. This coverage will also include your inventory, supplies, and equipment.
Employee Injuries
Again, general liability insurance will cover you if a customer or passerby is hurt in any way while on your property. This includes someone falling on your front walk or slipping on a wet floor inside. However, it will not pay for any injuries sustained by an employee while performing any task for you. You need to have worker's compensation coverage for this. In fact, this coverage is mandatory in most states. You may have it as a part of your overall insurance policy or purchase it separately.
Professional Mistakes
If you or an employee makes a mistake during the course of the job, you need to be sure that you have professional liability coverage. This could be something as simple as compensating a customer when you missed a deadline that ended up costing them money or ruining their reputation. This type of insurance will also protect you if someone performs a service for a customer, but it was done incorrectly.
Making sure you have adequate business insurance should be something you go over any time you buy or renew a policy. Discuss your business completely with the insurance agent so they understand what type of coverage you need. If you are not sure about something, ask questions until you understand completely. You do not want to lose your business because you failed to have the right type of insurance. Talk to a local insurance agent, like Cache Valley Insurance Inc, to discuss your plan and what you should add to it.
Do you remember the last time you experienced an accident or an injury? Life can surprise you sometimes, which is why it is always smart to have a few life insurance policies in place. I used to think about everything that I had and everything that I could lose, and it occurred to me that I couldn't risk taking any chances. I wanted to begin this blog to share my perspective with other people, so that you don't have to worry about finding the right insurance company. Read more here to figure out what you need to do to choose a better plan.