The Do’s this is a quick list for the things every small business owner wants to consider when it becomes important to insure for the risks we need to have covered.
- #1 Think about the insurance issues during the start-up process of your new business and have applications and insurance policies issued when needed. If there are partners be sure to ask for a buy-sell agreement and use life insurance to fund the agreement in the event one of the partners were to die.
- #2 Find an Insurance agent who can service all of your small business and personal lines insurance requirements. Often, there are discounts for keeping all of your business with the same agency or company.
- #3 Always insure your liability and add a “Commercial Umbrella” policy for your small business. Ask for Broad Form of business property insurance, this offers the most broad form of coverage.
- #4 When your business does have employees, be sure to ask your insurance agent or company to add employment practices liability coverage. Keep the workplace clean and safe for employees and customers. Make use of good employer provided group health insurance policy to bring in new employees and keep the ones who make you company great.
- #5 As your business grows remember to check the insurance coverage and increase the limits as the business grows.
- #6 Never attempt to cover any part of your worker’s compensation other then with an insurance policy. Overlook ongoing employee training on maintaining workplace safety.
- #7 Never decide the business can’t afford insurance. Most business can’t afford not to have insurance. It’s just never a good idea to go without or “uncovered” (uninsured) in any category of business risk. Keep the insurance policies in force at all times and don’t allow the insurance to lapse for non-payment of premiums.
- #8 In the course of your business be sure to only deal with contractors and vendors who furnish their own business insurance certificates.
- #9 Be sure to do your insurance business with insurance providers and companies with good ratings. Always check your insurance company with AM Best. Be sure tp provide accurate and complete information to the insurance provider make sure your agent has the complete picture of the business risks.
- #10 Don’t Overlook additional property, liability of Small Business insurance needs the business might have as well as other special insurance such as flood or earthquake.
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