Choosing Better Insurance Coverage

Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.

What Kind Of Insurance Coverage Does A Small Business Owner Need?

Insurance Blog

Owning a small business can be a fun adventure, but it also carries many risks beyond just whether you'll be able to make a profit. A single catastrophic event can destroy even the most successful businesses. Learn what insurance coverages you need to protect your business as well as your own personal assets.

Personal Liability Insurance

When you own a small business, you are personally liable for any lawsuits against your business that can't be covered by business assets. While a corporation or LLC can give you protection, there are many cases where they don't work.

Setting up and maintaining a corporation or LLC may be too expensive for your business. If you provide services personally, you can often still be sued personally even if you do business as a corporation or LLC.

To protect yourself from losing your home and retirement savings in a lawsuit, you should carry your own personal liability policy to protect yourself from business losses.

Property Coverage

Your physical business location and everything in it should be fully insured unless you have enough cash to replace everything in the event of a fire or other disaster.

If you lease a commercial space, the outer structure will usually be insured by the landlord, but you still need to have coverage for any interior improvements you made for your business. You'll also need to carry insurance for your merchandise, tools, and other equipment.

Riot Insurance

Many insurance policies only cover natural events like fires and earthquakes. Intentional acts by humans are often not covered in a general policy.

Check your policy to see if it covers riots, thefts, and other intentional acts. Pick up additional coverage for anything not covered. If you don't, your local sports team winning the national championship or a controversial police arrest could put you out of business if riots follow.

Business Liability Insurance

If your business has unsafe conditions, even temporary ones like wet floors, you could potentially be sued by an employee or customer who is injured. If an employee error or failure to follow procedures causes someone to be injured, that person could also sue you.

Personal injury lawsuits can run up into the millions of dollars. To protect yourself in the event of an accident, you must have adequate business liability insurance coverage.

To learn more about your insurance needs as a small business owner, talk to a local insurance broker today, such as Matlack & Company, about commercial insurance.


6 July 2016