Business Liability - Risk Insurance Check Up

Protecting your business is critical. Are you certain you have all the insurance that is needed in case of emergency? You must think about protecting your building assets (building inventory, equipment, etc.) and the people who work for you. You must also guard against the liability you have relative to the products and services you sell and the vehicles you use; you should even protect your ability to continue paying your bills and to re-start your business in the event of disaster.

Risk insurance is the easiest way to take care of these responsibilities and to make sure you have the needed protection for your business. Commercial business insurance and risk management programs can be designed to provide specific coverage for just about every risk and exposure a company might face. This coverage can be provided at reasonable rates in today's insurance marketplace, and at a fraction of the cost of replacing the assets it is designed to protect.

While there are as many types of commercial business insurance programs and coverage as there are businesses, certain types of coverage are necessary for any business. Some of these include:

Comercial General Liability insurance covers damages you may be required to pay others as a result of your actions or negligence. It usually includes coverage for bodily injury, property damage, personal injury, and medical payments. This extremely important insurance provides protection for incidents such as injuries to customers or visitors when they are on your premises and damage to the property of others caused by you or your employees.

Property Insurance covers the risk of financial loss due to damage to destruction of the buildings, inventory, and other property of a business. In the event of damage caused by fire or storm, for example, commercial property insurance can help repair or replace the buildings, inventory, equipment, machinery, and other business property affected.

Professional Liability insurance protects against liability for rendering or failing to render services of a professional nature. Businesses involved in everything from advertising to engineering need to consider this coverage seriously. In fact, users of services such as those provided by lawyers and accountants often require that the insurance be in place before contracting with the professional.

Commercial Auto insurance serves as protection against liability for bodily injury and property damage relative to your ownership, maintenance, or use of vehicles involved in doing business. Trucks, certain motorized equipment, buses, and many types of vehicles can all be afforded coverage, in addition to the standard automobile.

Umbrella Policies provide broad coverage for liability not taken care of by your other insurance. Since insurance policies pay only a specific maximum amount in the event of a loss, umbrella coverage provides additional funds if the losses exceed that amount.

Workers Compensation insurance covers your obligation under workers' compensation laws, which make the employer responsible for stated damages in the event of a work-related injury or illness. Medical expenses for accidental injury to an employee in the workplace - whether it be from a minor incident or a serious disaster, or involve temporary or permanent disability; loss of work time, alternative vocational training or related costs - are all addressed within workers' compensation. This insurance can also provide separate coverage for employers' liability in the case of a workers' compensation claim.

Crime Protection insurance provides reimbursement for losses due to forgery, theft, employee dishonesty, and numerous other offenses.

To learn about the commercial business insurance coverage available for your type of business, it is important to develop a working relationship with a qualified commercial insurance advisor. Your advisor should be familiar with the general type of business you are in and your particular operations. By working closely with your advisor, you can identify the many risks your business has, acquire the coverage you need, and protect what you are most responsible for-your business.

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