Let’s be honest, discussing insurance for your business can be overwhelming, but we all know that fires, auto accidents and work related injuries happen every day. When you purchase insurance coverage for your business you are protecting your assets from the “what ifs” and it doesn’t matter how much or how little you have.
Recent storms in St. Joseph left us with slick roads and parking lots. What if one of your customers slipped and fell in your parking lot? Your general liability policy would cover an injury to that customer. General liability also covers you away from your office or shop location. A tree trimmer is a good example. It’s not uncommon for a tree trimmer working at one of their customer’s homes to accidentally damage the gutters and roof of a home. The general liability would cover the damage to that property.
Now let’s consider your property. If your building catches on fire, your property insurance would cover the costs of cleanup and rebuilding. Property insurance covers any buildings, structures and contents like furniture, desks and inventory. If there was a fire, you may also incur extra expenses and lose income as you relocate temporarily. This is when you would want to have business income and loss of use coverage. This coverage would provide the income you lost during the time of restoration and also cover the extra expenses from setting up an alternate location.
Using the slick roads and parking lot example again, let’s say an employee slips and falls in the parking lot. The employee would be covered under your workers’ compensation policy. Unlike the first example used stating a customer fell, when the injury is to an employee, the coverage is found in the workers’ compensation policy. Workers’ compensation also covers injuries that occur while your employee is performing their job.
There are other coverages you may need that are specific to your profession. We are all familiar with medical malpractice insurance for doctors. Realtors, consultants, accountants, insurance agents and many others, should also have some form of professional liability insurance. Professional liability covers a loss that happens because of something the professional does, or something they failed to do.
There are many other coverages you may need to consider such as Cyber, Business Auto, Inland Marine or even Life Insurance for the succession of your business. The best thing you can do is sit down with an agent and thoroughly explain the ins and outs of your business so they can help you determine the coverages needed. I also recommend reviewing your policy at the end of each term to address any changes that may have taken place. And most importantly, when in doubt, ask your agent. They are there to assist and guide you.