Understanding Coverage Options from a Trusted Business Insurance Agent
Protecting your assets is a must, and unless you want to risk a direct drop to massive losses or bankruptcy, your business should be covered in most, if not all fronts. However, if you talk to a reliable business insurance agent like those from Allied Insurance Managers, Inc., you’ll find that you actually have a lot of options when it comes to coverage. Here are some important facts about some of them:
General Liability Insurance
Also referred to as commercial liability insurance, this coverage is a sort of catch-all, protecting you from a vast array of potential lawsuits, including personal injury cases by clients stepping into your premises. To this end, it is recommended that you get this coverage if you have even minimal contact with your customers or clients, and more so if your business involves them coming and staying in your store or office.
Property insurance, on the other hand, covers potential damage to your workspace. Since many man-made as well as natural disasters like fires, floods, and earthquakes are unpredictable and could often be devastating, you will definitely benefit from this type of coverage. Fortunately, this insurance is mandatory, so building owners and mortgagors won’t allow any business to begin operations without it.
In general, the federal government provides for the need for workers’ compensation laws, but it is really the state that enforces this, so be sure to check your local laws for information on your workers’ comp insurance needs. Here’s what Business News Daily’s contributor Patrick Egan has to say about it:
“This insurance provides medical care and compensation when an employee gets hurt on the job. The employee usually accepts compensation in exchange for forfeiting the right to sue the employer.”
As to its mandatory nature:
“States govern the worker’s compensation rules, so requirements will vary depending on where you do business.”
Equipment Breakdown Insurance
As advanced as technology is today, equipment trouble and breakdown is still a very real possibility – so much so for offices and businesses that use them daily, and sometimes for heavy duty purposes. The failure of such machines can negatively impact your business productivity and efficiency. For this reason, you will need an adequate coverage on equipment breakdown insurance to protect your valuable investments.
Knowing the right insurance coverage to get should help you properly reinforce your company’s protection against uncontrollable forces that might seek to tear it down. Ask your trusted business insurance broker or agent for a more comprehensive list. Invest in reliable business insurance today and you don’t have to be afraid of a rainy day.
(Source: Cover Your Assets: An Insurance Primer for Small Businesses, Business News Daily)