New business owners often think of talking to an accountant or lawyer, but many people forget to call a business insurance agent while they are still in the planning phase of their business.
Your commercial insurance agent will help you make sure you have the right protection to help you not lose everything you’ve worked so hard for. They will also make sure that you consider the possible risks you may face when opening your doors, whether it is physical doors or a website.
Although many insurance companies offer standard packages, ultimately you want to make sure you have the right coverage for you and your business. These are just a few of the questions you should ask yourself when looking for the best insurance policy and agent for your needs.
Ask yourself what you are responsible for
Some liability considerations are, what if someone slips and falls on your property, or bodily injury caused by your product? Are you going to be serving alcohol for profit or at events or parties in your office? Do you have liability risks related to the practice of employment? Can you transfer some of your liability risks to other parties or subcontractors? What cyber liability risks should you cover? What other hazards might you encounter?
Take a look at your property
Did you buy the building or are you a tenant? If your building or rental space is damaged by a covered loss such as fire, for which parts are you liable? How much inventory do you have and do you have a peak season when you have extra inventory? Does your inventory consist of raw materials or finished products? What other things do you have like computers, desks, chairs, display cases?
If you have employees, you will need to make sure you are covered if they are injured on the job. Additional deposits may be required if you have contractors, immediate family members who work for you, or executives (including yourself) that you may not wish to cover with your accident compensation policy. work. Workers’ compensation policies are normally audited annually. Your agent can discuss ways to avoid paying for a large audit.
For travel, do you have vehicles belonging to the company and used by employees? Do employees use their own vehicle for business purposes? Do you have a vehicle that you use for both business and personal purposes?
Depending on your business, you may have other coverages available to you that you would like to consider. There may be market segment packages that will extend coverage for certain items that are typically covered for your type of business.
You may need to consider professional liability or errors and omissions coverage, or directors and officers coverage
Starting a new business is an exciting time, from designing a logo and creating a website to getting your first client or client. Before hanging up your “open” sign, it’s important to meet with an insurance professional to make sure you’re protected from day one.