There are all types of insurance: homeowners, motor home, condo, renters, life, motorcycles, auto, recreational and business. There is even pet insurance! But when talking about insuring a business, it takes more than just a general business insurance policy.
This is what you’ll need
There are about 13 different considerations when it comes to insuring your business. Take a look and see where you may be lacking in the right kind of coverage.
- Personal umbrella – this is basically your reserve parachute. When all other insurances have been exhausted, this should pick up any slack.
- Insurance for your personal automobile – liability, bodily harm, anything resulting from those nasty car accidents. Hopefully you have this in place already. You certainly should.
- Life – another insurance policy that should already be in place. Your family will need to be covered with your life insurance but unless you don’t care if the business folds as a result of your death, there needs to be some kind of insurance in place to prevent that from happening.
- Renters – whatever happens in the home… you’re covered. And if you rent office space, don’t assume that your landlord’s insurance will cover you and your equipment if something happens to that office space. And if you have made some high end remodeling changes and purchased some top of the line furniture you want to be fully covered in case of the unthinkable.
- Homeowners – many individuals work out of their homes these days. Even if you don’t have an office in your home, you don’t want some home based catastrophe draining you financially so much so that it drains your business as well. You’re protecting yourself and your business from suffering the consequences of unfortunate circumstances that had nothing to do with your business, but could definitely affect it.
- Data breach – your entire business could go under by sensitive information stored in your paper files or on computer leaking out or a breach of the system.
- Insure officers and directors – if either of these employees messes up and your business is going to suffer because of it, this insures your business against that.
- Liability (professional) – a.k.a. omissions and errors insurance.
- Workman’s comp – no business should ever be without this!
- Commercial auto – you need to insure your company cars not just your own.
- BOP (business owner’s policy) – this is a sort of bundling of business insurances.
- Property – this will also protect all that valuable office equipment, furniture and more.
- General liability – just in case someone insists that your product harmed them in some way, shape or form.
So how does your insurance coverage measure up, folks? Is your business protected?