Saturday, December 27, 2008

Business Insurance


Business Insurance

Insurance is an essential part of financial planning. Unless you are willing to pay personally for business catastrophes and lawsuits, you will need to consult an insurance agent and purchase insurance (check your telephone directory).

You may not be aware of the types of business catastrophes that could conceivably occur in your business. It is the job of your insurance agent to tailor a policy that best fits your needs. Here are some examples of insurance coverage that would protect you against a claim:

Personal liability - protects against claims made by those who suffer bodily injury on your premises

Product liability - protects against law suits by customers who are injured while using your product

Fire - will enable you to rebuild or repair the business location as well as replace equipment and inventory in the event of fire damage

Automobile - protects your vehicle during business use

Disability - will provide income during a period when you cannot work

Business interruption - compensates for lost earnings during a temporary halt in business caused by a major disaster such as fire, tornado, flood, etc.

Life - provides protection against financial loss caused by your death or serious injury

Workers' Compensation - covers treatment of injuries and loss of pay related to employee accidents or illness on the job

Crime/Theft - reimburses for losses due to robbery, burglary, employee dishonesty

Bonding - ensures protection for faithful representation.

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