Insurance Considerations for Business Owners

Every business owner needs adequate insurance coverage to protect their investment when the unthinkable happens. Without proper protection, the results could be devastating.

Most business insurance coverages can be broken down into two main categories:

  • Protection for your building and people after a weather catastrophe or accident
  • Liability coverage from unwanted lawsuits

Protection for Facilities and Workers

A property insurance plan helps you get back on your feet if your building is damaged or destroyed during a covered incident. Make sure your plan includes not only the facility but also your equipment and inventory.

If you need to temporarily relocate your operations during the re-building phase, you must have an additional clause in your plan for interruption insurance. This plan covers the rent at the new facility. It also maintains payroll and pays invoices while you are displaced.

Workers’ compensation protects your workers if they are injured while working.

Liability Coverage

There are several liability issues to discuss with your insurance provider, including:

  • Employment Practices Liability – The plan protects your business from employee claims of harassment, discrimination and failure to promote.
  • Directors and Operators Coverage – Top executives are protected when sued for negligence or other wrongdoings.
  • Professional Liability – Workers are covered if they are sued for errors and omissions in their work.

Make sure you obtain the best business insurance plan to protect your investment.