Small Business Insurance

Content Summary Overview

Insurance Coverage for Small Businesses

Insurance Basics
The purpose of insurance is to transfer a risk that you can afford.
Business Property Insurance: Your insurance should include:
Buildings
Business Personal Property
Loss of income
Earthquake
Flood
An all-risk policy can be structured to cover all of your equipment, including computer hardware and software.

Liability Insurance

A Comprehensive General Liability (CGL) policy should cover:
Personal and Advertising Injury
Fire Legal Liability
Products and Completed Operations
Medical Expense or Medical Payments
General Liability for your premises.
If your business has employees, Worker’s Compensation insurance will be mandatory.

Top Ten Do’s Small Business Insurance

1. An insurance agent is part of your start-up planning.
2. Consider a single insurance agent for all insurance requirements.
3. Include excess liability “Commercial Umbrella” coverage.
4. Use a broad form of business property insurance.
5. Consider a health insurance policy.
6. Consider carrying employment practices liability coverage.
7. Maintain a safe environment in your work place.
8. Include tenant improvements in property insurance.
9. Increase insurance coverage as your business grows.
10. Maintain a buy-sell agreement with your partners, funded by life insurance.

File Category: Insurance
File Added: Monday, March 1st, 2010
File Source: ngu.edu
File Size: 335 KB
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