In our last article we took a beginning look at business insurance needs as far as the cover your employees. This time we will look more in-depth at business insurance and how it covers your business. Just as you may have noticed with employee benefits, when insuring your business itself you will have an amazing number of choices to consider. One question should be fairly easy though. Should you insure? Keep in mind that business insurance helps offset risk. In other words if or when an issue pops up and risk becomes real your business will have the protection it needs.
When answering whether you need business insurance you should compare your potential risks vs what it would cost to handle these and determine whether you could afford to do so out of pocket. If not, then you should definitely pursue coverage. What are some of the risks you should consider?
- Auto coverage for business owned vehicles
- Loss of property – fire, theft, or acts of nature
- Liability
- Loss from interruption of business
The next question is a little more difficult. Knowing which policy is both appropriate and cost effective takes a little more work. You must be able to identify your key assets – security, property, or personnel – which you cannot afford to replace or lose. These assets should then be insured accordingly.
Liability coverage is typical for a business. Day to day operations alone can carry a risk of litigation. Liability coverage covers that risk providing relief in the event that litigation does take place.
Consider This
With your fundamentals in mind, you should consider the following:
Which assets should I cover? Whether it is property or equipment, the assets your business owns and depends on should certainly be protected.
Which types of loss should I consider? Your business’s location and nature can both play a part in introducing risks. As your insurance provider we can help you identify these risks. Remember that some risks are faced by all businesses (such as fire) no matter their location or nature.
Selecting Your Insurer
When we sit down with you to determine which carrier will best suit your needs we will take into account several issues. We will:
- Look at your current insurance coverage
- Find the gaps that may be leaving you at risk
- Explain your options and identify the products and services that will suit your needs
- Fit you with an insurer that will offer the right level of both protection customer service in the event of a claim
Always remember that as an independent insurance agency The Hoffman Agency will be here for you every step of the way. Feel free to come in any time and ask questions. We will answer you thoroughly and in a way you can understand rather than trying to overwhelm you with insurance mumbo jumbo that it takes a lawyer to understand. Give us a call when you are looking for the right business insurance policy. We will help you to find the policy that your business needs today!
