Rena
Active member
Do you know the answer to the question of how large is your business's general liability? If your business does not have a permanent location, like a garage or a storage facility, then you may have a smaller liability. One way to get an approximation of this number is to use the Consumer Price Index (CPI) figures for your state or county. For example, if your state or county has a yearly average of 50, you will want to use that figure as a baseline for comparison with other areas. This will give you a general idea of how much your liability might be.
However, it is possible that you could be fined for every incident that occurs on or off of your property, so it is also important to know how large your business liability can be. If your business is very small, then you may only have general liability insurance. On the other hand, if you own a very large business, then you will want to obtain liability insurance from a commercial insurance agent. The size of your business and the industry that you are in will determine which policy you will need to purchase. In fact, if you own or manage a chain of stores, then you may be required to purchase multiple policies to protect your assets.
When you are working on your policy, you will need to be aware of the different types of coverage. General liability insurance covers property, bodily injuries, and advertising injuries. Workers comp insurance, on the other hand, covers illness, physical disability, and physical disability. You may also want to consider special coverage known as business interruption coverage. Business interruption coverage pays for the cost of running your business while it is shut down due to a covered event, like fire or flooding.
Another type of coverage you should look into is personal property coverage. Personal property coverage will pay for the replacement or repair of any property that is destroyed during an incident, even if the employer is not at fault. This can include items like computers and other office equipment. Typically, workers comp will not cover items that were used in production, but this is becoming more common. It is important to remember that personal property coverage is considered a contingent coverage, meaning that the employer is usually required to pay a portion of these losses.
The last type of coverage you should investigate is business interruption coverage. This type of coverage will pay you for the time it takes to resolve any problems that arise because of your business, and is generally less expensive than workers comp insurance. Business interruption coverage typically requires that you purchase a rider that is automatically attached to your policy. This rider states that you will be paid a certain amount for each day that your business is shut down. Some companies require that this coverage be purchased at the time of your employment agreement. If this is the case, make sure you read your workers comp insurance agreement very carefully.
As you can see, there are quite a few different types of coverage available through a small business insurance policy. These types of coverage should be investigated and discussed with your agent before you decide on which policy is best for your small business. Remember, having good workers comp insurance is not just a good idea, it's a necessity! By purchasing the right type of coverage, you'll have the peace of mind of knowing that your company will be covered in the event of some type of accident or injury, no matter who was at fault. You can also rest easy knowing that if an employee is injured while at your place of business, you won't have to worry about huge medical bills and many other expenses that can come along with long term disability.
However, it is possible that you could be fined for every incident that occurs on or off of your property, so it is also important to know how large your business liability can be. If your business is very small, then you may only have general liability insurance. On the other hand, if you own a very large business, then you will want to obtain liability insurance from a commercial insurance agent. The size of your business and the industry that you are in will determine which policy you will need to purchase. In fact, if you own or manage a chain of stores, then you may be required to purchase multiple policies to protect your assets.
When you are working on your policy, you will need to be aware of the different types of coverage. General liability insurance covers property, bodily injuries, and advertising injuries. Workers comp insurance, on the other hand, covers illness, physical disability, and physical disability. You may also want to consider special coverage known as business interruption coverage. Business interruption coverage pays for the cost of running your business while it is shut down due to a covered event, like fire or flooding.
Another type of coverage you should look into is personal property coverage. Personal property coverage will pay for the replacement or repair of any property that is destroyed during an incident, even if the employer is not at fault. This can include items like computers and other office equipment. Typically, workers comp will not cover items that were used in production, but this is becoming more common. It is important to remember that personal property coverage is considered a contingent coverage, meaning that the employer is usually required to pay a portion of these losses.
The last type of coverage you should investigate is business interruption coverage. This type of coverage will pay you for the time it takes to resolve any problems that arise because of your business, and is generally less expensive than workers comp insurance. Business interruption coverage typically requires that you purchase a rider that is automatically attached to your policy. This rider states that you will be paid a certain amount for each day that your business is shut down. Some companies require that this coverage be purchased at the time of your employment agreement. If this is the case, make sure you read your workers comp insurance agreement very carefully.
As you can see, there are quite a few different types of coverage available through a small business insurance policy. These types of coverage should be investigated and discussed with your agent before you decide on which policy is best for your small business. Remember, having good workers comp insurance is not just a good idea, it's a necessity! By purchasing the right type of coverage, you'll have the peace of mind of knowing that your company will be covered in the event of some type of accident or injury, no matter who was at fault. You can also rest easy knowing that if an employee is injured while at your place of business, you won't have to worry about huge medical bills and many other expenses that can come along with long term disability.
