Startup businesses are exposed to a wide variety of issues including business insurance, risks, and concerns. There are many different decisions that, as a new business owner, you need to make, and selecting the right commercial insurance is one of them.
The first thing you need to do is hire the right agent to help you through the process of obtaining the right kind of commercial insurance. We recommend you choose an independent agent to help you. Independent agents have access to many different markets and can provide the right combination of commercial insurance products and services.
The purchase of business insurance is an essential investment for business owners. Insurance policies protect the business from the financial consequences of accidents and mishaps that could erode profitability and threaten continuity of the operation.
Property- Damage or loss of buildings and equipment
Liability- Injury or claims from customers or other third parties
Workers’ Compensation- Injury to employees as outlined by state statutes
Automobile- Direct damage to your vehicles and liability for the operation of your vehicles
Insurance for business operations is complex, and when considering the purchase of insurance it’s vital to take into account all of the risks that face a business. It is also important to remember that insurance needs change over time as a business grows or diversifies its operations.
Commercial insurance is one of the most important products a new business needs. Our agency can help you review your risks and guide you through the process of securing the right combination of coverage and price.
Business Insurance Update
There is no denying the fact that the success of your business depends on the hard work of you and your team. But one disaster can wipe out all your efforts and take the profits to dust. So, to avoid such a situation, you need to insure your business; whether it is a small enterprise or a large corporation.
There are insurance companies that have policies that combine protection for all major property and liability risks into one package. You can also opt for separate coverage. Such a policy is called a Business Owners Policy (BOP). Larger companies tend to purchase a commercial package policy.
What Is Included In A BOP?
BOP’s include property insurance for buildings and equipment owned by the company. If there is any loss of income due to disruption of operation and business because of accidents like fire, it can be covered under the Business Interruption Insurance.
A BOP also covers the company’s legal responsibility for the harm it may cause to others, (bodily injury and property damage) as a result of your company’s negligence. BOP’s can also include professional liability, auto insurance, and workers’ compensation insurance. Earthquake/Flood is not included in most BOP’s.
Advantages of A BOP
Includes many needed coverages
Can be very cost effective
Many of the top insurers offer BOPS
Can be modified to fit your needs
The Coronavirus Will Have An Impact The United States
The Centers for Disease Control recently stated that the Coronavirus will have an impact in the United States. People who contracted the Wuhan virus have reported symptoms that include fever, chills, headaches, difficulty breathing, and a sore throat. Now is a good time to start thinking about how you might protect yourself and your family from contracting this virus.
The World Health Organization and the CDC recommend that you take the usual precautions to help prevent the spread of respiratory viruses including:
Wash your hands often with soap and water or use an alcohol-based hand sanitizer.
Cover your mouth and nose with your elbow or a tissue when you cough or sneeze.
Avoid touching your eyes, nose, and mouth if your hands are not clean.
Avoid close contact with anyone who is sick.
Clean surfaces you often touch.
Stay home from work, school, and public areas if you are sick.
Check with your doctor if you have a fever, cough, and difficulty breathing, and tell your doctor about any recent travels.
Avoid eating raw or undercooked meat or animal organs.
If you are visiting live markets in areas that have recently had new coronavirus cases, avoid contact with live animals and surfaces they may have touched.