Protecting Your Business With A Commercial Insurance
While you are working hard towards building sustainable and progressive strategies
for your new business, also take into consideration the risks involved in running a fledging business. Investing in commercial insurance for your business is a simple solution to protect your assets from unforeseen events such as natural disasters, theft, and other legal liabilities that are a financial strain on a new business.
1. Understanding what your Coverage Requirements are
The coverage that you eventually choose and the cost of your premium will depend on the type of business you own.
2. Investing in a Property Cover
You may have to purchase insurance on your own if you own an office space. If you are renting, then you need to check with your landlord if your rental agreement includes a cover. A property cover typically includes the structure of your building and the contents of your business.
3. Personal versus Commercial Property
As an owner of a new business, there may be a number of items that may cross over between your personal use and for professional use. For example, it is likely that you bring in your home computer system to use at work, or use your family car to g for business meetings. In such situations, it is important that you ensure your personal coverage suffices your business needs.
4. Always invest in a Liability Insurance
Whether your business is incorporated, is a partnership or a sole proprietorship, there are a number of situations in which you can be held personally liable for a number of actions on behalf of your business. It is important to cover yourself and your business from the risk of being sued in case a customer or third party injures themselves in your premises, and also protect yourself from clients who allege financial losses due to negligence.
Doctors and lawyers usually protect themselves with the help of a professional liability coverage which is also commonly known as malpractice insurance. If your business involves manufacturing and / or sale of physical products, you can invest in a product liability coverage which protects companies from lawsuits in case a consumer is injured as a result of the product. The extent of your cover must be directly proportional to the potential risk your product poses to its users.
5. Workers Compensation Coverage
Any business, new or old is expected to purchase a workers compensation cover and preferably also a health insurance plan to protect the health and well being of your employees. Laws pertaining to this cover vary in each country.
As a new business owner, it is recommended that you work towards indentifying an insurance agent or service provider and start building a long term relationship with them. With all the various covers that you may be expected to purchase in the due course of your business, and in some unfortunate situations, the requirement to make claims, it is important that you have a singular go-to person who would help you through the complexities of getting insured and making claims.
by: Stella Richard
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