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 Business 101 – the must haves. Are you at risk?

July 21, 2015

People. Liability. Property. Auto.

mark GrecoMany new business owners know they need an accountant and a lawyer – and the never ending cash flow – but many forget about protecting everything they’ve worked so hard to set up.  Insurance – no one really likes to talk about it, but risk is a fact of business life.

These are the four types of basic insurance coverage you’ll need to protect your business. There’s an extra layer of protection called an umbrella policy, but we’ll get to that later.

People.  The insurance policy that covers your employees is Workers’ Compensation. It pays for medical bills and lost wages if one of your employees is injured on the job. Workers’ Compensation is required in most states and rates are usually set by the government. It also covers you if a family member of one of workers is disabled or killed on the job and decides to sue you.

Liability.  Accidents happen. Lawsuits get filed.  If your business deals with the public then the chances of someone getting hurt at your place of business rises. Liability insurance will pay for the legal fees that you’ll need if someone sues you. It also covers you against lawsuits involving a product you sell or manufacture.

Property:   Business property insurance will replace or repair your business property in case of a fire, theft, water damage, or

Business 101 handwritten with a marker on a whiteboard

a natural disaster. Your equipment, computers, tools and inventory will all be covered. Another type of coverage under property insurance is business interruption. In case of a disaster, business interruption insurance would pay for your business to set up in a temporary location so that you can continue to operate.

Auto.   A business auto insurance policy will cover the autos – including large trucks or fleets your businesses leases, owns or rents. It works like your personal auto insurance, covers the driver and pays for bodily injury or property damage caused by your business cars.

Don’t forget the umbrella –  an added layer of protection that kicks in when the limits on your liability insurance are exhausted due to catastrophe or a lawsuit.

For a more detailed look at look at business insurance options click here to read a blog by my colleague Adam Winters.

Business insurance is complicated. We understand that at Founders Insurance Group. Give me a call at 860-482-3506 or drop me an email at mgreco@foundersgrp.com to find out the right business coverage for your business.

Mark Greco

Commercial Lines Account Executive

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