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business insurance

Business Insurance is Not an Option, It is a Necessity

A woman walks into the restaurant you own, and is tripped up by a nail sticking out of the floorboards. She seems fine, but a week later she is back with an attorney and a neck brace. Apparently she hit her head in that fall, and isn’t doing so well. Or perhaps you are a mechanic and a customer wandered into your shop and cut his leg. Perhaps you own a pet store and a little girl got a nasty bite from sticking her fingers in the mouse cage. Whatever your business, liability is just a part of the cost of doing business.

It is almost impossible to run a business without liability insurance, and in many places it is a legal necessity as well. Business insurance covers liability cases so that a risk you cannot afford (like paying someone else’s medical bills) is replaced by one that you can afford (such as a monthly premium).

Other types of liability include fire legal liability, which means that you are the liable party in the case of a fire. If you forget to turn of a space heater before you head home for the night and this results in damage to your landlord’s property, then you are liable and the damages are covered by the fire legal liability part of your business insurance.

Liability is not the only type of insurance to be covered by business insurance. Business insurance can also function like a home owner’s insurance policy for the office, protecting the building (if you own it) and the equipment and possessions that are inside. What responsible homeowner does not have his home protected against fire? Shouldn’t the same precautions be taken for your business as well?

If your business were to be destroyed, a business insurance policy would cover things like desks, chairs, seating in your reception area, computers, equipment, and anything else of value that is a part of your business operation. Business insurance can also provide coverage against things like loss of income, earthquakes, and in some areas even flooding.

If a natural disaster takes your business away from you, then your business insurance policy is there like an umbrella, helping to protect you and your family from the losses and breaking your fall, so to speak. Your business insurance policy is there to help you rebuild and go on with your life.

If you are an employer, you are also required to have worker’s compensation insurance. This insurance protects you in the event that one of your employees in injured on the job. Your insurance will pay for treatments for your injured employee.

Other insurance might include insurance for your company vehicles in the case of an uninsured or underinsured driver, health insurance for yourself and your employees, and life insurance. Taking good care of your employees and offering benefits to them is a sure way to attract and keep the best employees possible.

One little accident could just about destroy a small business unless that business is insured against the disaster. If you could prevent an emergency situation, why wouldn’t you? Taking care to make sure that your business is insured properly and thoroughly is only one step toward running a successful business, but it is a vital one. Insurance is not an option, it is a necessity.

How do I add my landlord onto my business insurance policy?

I just moved into a new business location. My lease states that I must list my landlord as an additional insured. Is that easy to do? Do I just call my insurance and have them add right away or do I have to wait until it is time to renew? Also, approximately by what percentage will that cause my insurance to go up? I have already had a rate increase because I live in Louisiana (Katrina). It is still affordable but I am scared that adding on the additional insured may cause it to double, which I can’t really afford.

This is a very common situation and is easily addressed by requesting your agent / company to add an additional insured endorsement. It should be done at no charge, but some companies make a modest charge just for processing the paper.

You may be interested in knowing that the standard business liability policy in use by most US insurance companies automatically includes your landlord as an additional insured if your lease agreement calls for it. Technically, you don’t even need an endorsement to the policy. Most landlords, however, want to “see it in writing” on the policy, however.

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business insurance quote

Specialty Business Insurance

Obtaining business insurance quotes frome specialty insurance companies is a vital step in obtaining the liability coverage that is right for your needs. Whether you have a large business, partnership, or home-based company; business liability insurance is crucial to your survival.

Finding multiple specialty insurance quotes is usually a means to help owners find a middle ground. That is because the quotes are completely objective, and sometimes an eye-opener to some uninformed entrepreneur. By simply answering questions about your business and its products or services — you will get a quote that should contain not only the type of coverage that is best for you, but also the amount that you should pay for your premium.

By first identifying the type of risks that your establishment faces, this type of quotes will help you and the insurer both, come up with better policy. Since a business may face a wide range of liability related risks, the quote helps tailor the liability coverage offered to your business to your particular risks. For example, Company Y may need contractual liability as a part of their overall liability coverage, whereas, Company Z may require a component for their directors and officers. Under the umbrella of general business liability insurance there can be a number of smaller provisions meant to address your specific needs. Though the particular needs of your establishment will be unique, some of the most common insurance products that can be included within business liability insurance are cyber liability, professional liability, auto liability, and contractual liability.

Business liability insurance was created to protect owners from lawsuits or claims in which their establishment causes damage or injury. This protection is created by shifting the financial risk to a third party for a monthly or annual fee. And, with the number of people becoming more and more litigious, the need for this type of liability coverage has sky-rocketed. Let’s face it; even frivolous lawsuits cost money to defend.

With all of the advantages they provide many business-owners still forget the important step of getting a business insurance quote. But, you can get a free quote online, which allows you to contact a broker through online forms, or phone calls which gets you one step ahead of the game. Business insurance quotes give you power, by giving you options. Yet, you are also equipped with knowledge about the type of liability coverage and additional insurance products that you may need. Good business quotes will show you the potential premium from a number of underwriters — so you know that you are getting the best coverage possible.

And, getting a free business liability quote is often quick and simple. Though you may be tempted to cut corners in order to get the lowest premium, quotes are only effective if there is an accurate presentation of your company’s potential liability. In these days of economic upheaval, who wouldn’t want to protect their belongings? Getting the right business liability insurance coverage is like staying one step ahead of risk — it’s just plain common sense.

Starting a business, need insurance quotes? (Childcare center)?

How much would insurance cost for a 24 hour chilld care center?

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