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Business Insurance Checklist
Writing out that yearly check to your insurance agency can be onerous
for many business owners. Fully understanding what you and your
business get in return can help ease this perceived burden. One
accident involving your delivery truck, one surprise fire, or one fall off a
ladder will surely drive home the importance and relief of holding a
well thought-out business insurance plan.
The following types of insurance are recommended to keep you, your
employees, and your business safe and up and running.
General Liability Insurance
A liability insurance policy, sometimes called Commercial General
Business Liability, protects your company’s assets. This type of policy
covers costs incurred as the result of bodily injury or property damage
to a third party as caused by you, your employees, or your
products/services. Liability insurance also covers claims of false
advertising and copyright infringement. And, worst case scenario,
general liability insurance will cover court costs and any settlement
amount should a suit against your company prove successful.
Property Insurance
If you own a building, a property insurance policy will cover the
structure, as well as its contents, from vandalism, smoke damage,
theft, etc. The covered contents must be items owned or leased by
your business, such as computers, office equipment, and inventory.
For extra security, you should ensure that business interruption
insurance is part of your property insurance policy. Business
interruption insurance will cover loss of potential income in the event
of a disaster. It is important to note that floods and earthquakes are
not covered through your general property insurance policy. Your
agent can help you decide if additional flood and earthquake coverage
is warranted.
Commercial Auto Insurance
This type of auto insurance protects your company’s vehicles. Any
vehicle that carries products, equipment, or employees is considered
a company vehicle and will be protected through this policy from
damage and collisions. If you have employees driving their own cars
for company business, your policy should include Non-Owned Auto
Liability Insurance. This will protect your company should it turn out
your employee does not have personal auto insurance or holds
inadequate coverage.
Business Owner’s Policy (BOP)
A BOP is an insurance package option for business owners.
Generally, BOPs include liability insurance, property insurance,
business interruption insurance, business vehicle insurance, and crime
insurance. You and your agent can tailor this policy based on the
specific needs of your business. This option typically costs less than
individual coverage since it rolls several policies into one.
Additional Insurance Options
Depending on the nature of your business, several additional policy
options are available for your protection. Examples of these policies
include: Professional Liability Insurance, Directors and Officers
Insurance, Data Breach Insurance, Marine Insurance, Glass Insurance,
and Rent Insurance, just to name a few. Additionally, there are several
policies specific to employees – some mandated by law.
Workers Compensation Insurance is compelled by Alabama law if
certain conditions are met. Employee Health Insurance must meet
certain standards as set forth by the federal Affordable Care Act. Your
business insurance agency can assist you in making these decisions
and ensuring your business meets all state and federal requirements.
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