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Insurance for Your Business
The importance of insurance cannot be over-emphasized and
neither can the danger of paying for insurance you don't need.
It is strongly recommended you solicit the advice of an
independent business insurance agent. Don't forget to SHOP! Talk
to three or four independent agents and compare notes and
prices. An insurance agent will lay out a vast array of
insurance coverage much of which you simply may not need. Your
situation will be unique and you must consider each insurance
element carefully to ensure comprehensive coverage.
Whatever your final insurance program looks like, you should
review it at least every six months. Your business can change
rapidly, especially in the first few years and insurance needs
change with it. Keep your program up to date by calling in your
agent and reviewing your coverage. Make changes where necessary.
LIABILITY INSURANCE
This is probably the most important element of your insurance
program. Liability insurance provides protection from potential
losses resulting from injury or damage to others or their
property. Just recall some of the big cash awards you have read
about that have resulted from lawsuits concerning liability of
one kind or another and you will understand the importance of
this insurance. Your insurance agent can describe the various
types of liability insurance coverage that are available. If you
will end up with a comprehensive general policy, make certain
that the general policy does not include items you don't need.
Pay for only the insurance you need. For example, your business
may not need product liability insurance.
Do not confuse business liability coverage with your personal
liability coverage, both of which you need. Your personal
coverage will not cover a business-generated liability. Check to
be certain.
Compare the costs of different levels of coverage. In some cases
a $2 million policy costs only slightly more than a $1 million
policy. This economy of scale is true with most forms of
insurance coverage. That is, after a certain value, additional
insurance becomes very economical.
KEY PERSON INSURANCE
This type of insurance is particularly important for the sole
proprietorship or partnership where the loss of one person
through illness, accident, or death may render the business
inoperative or severely limit its operations. This insurance,
although not inexpensive, can provide protection for this
situation. Key person insurance might also be necessary for
others involved in your business.
SGC was a small firm run by three partners, a software
programmer, marketer, and a general manager. Their product was a
complex computer program used by aerospace firms. Al, the
programmer, was involved in a severe automobile accident, became
totally disabled, and SGC lost their programming capability. The
problem was that the computer program written by Al was
essentially the company's sole product. Modifications to
accommodate the customer became impossible and the time to bring
another programmer up to speed was excessive. SGC lost
considerable business as a result of this situation. These
losses could have been offset by key person insurance.
DISABILITY INSURANCE
You, as a business owner, should be covered by disability
insurance whether or not you decide on key person insurance.
This insurance, along with business-interruption insurance,
described below, will help ensure your business will continue to
operate in the unfortunate situation where you are unable to
work. Your disability insurance policy needs to provide
satisfactory coverage. Particular attention should be paid to
the definition of "disability," delay time until payments start,
when coverage terminates, and adjustments for inflation.
FIRE INSURANCE
Fire insurance, like all insurance is complicated and you should
understand what IS and IS NOT covered. For example, a typical
fire insurance policy covers the loss of contents but does not
cover your losses from the fact that you may be out of business
for 2-months while your facility is rebuilt. Fire insurance is
mandatory whether you're working out of a home office or you
have a separate facility. You should discuss a comprehensive
policy with your agent. Take the time to understand the details.
For example, will the contents be insured for their replacement
value or for actual value at the time of loss?
Consider a co-insurance clause that will reduce the policy cost
considerably. This means that the insurance carrier will require
you to carry insurance equal to some percentage of the value of
your property. (Usually around 85%.) With this type of clause it
is very important that you review coverage frequently so you
always meet the minimum percentage required. If this minimum is
not met, a loss will not be paid no matter what its value.
If you
are working out of your home, your existing homeowner's
policy may not cover business property. If this is the case,
have your insurance agent to add a home-office rider to your
policy.
AUTOMOBILE INSURANCE
You probably already have automobile insurance but it might not
include business use of your vehicle. Make sure that it does.
WORKER'S COMPENSATION INSURANCE
If you make the decision to hire employees, you will be
required, in most states, to cover them under worker's
compensation. The cost of this insurance varies widely and
depends on the kind of work being performed and your accident
history. It is important that you properly classify your
employees to secure the lowest insurance rates. Work closely
with your insurance agent.
BUSINESS INTERRUPTION INSURANCE
This protects against loss of revenue as the result of property
damage. This insurance would be used, for instance, if you could
not operate your business during the time repairs were being
made as a result of a fire or in the event of the loss of a key
supplier. The coverage can pay for salaries, taxes, and lost
profits.
CREDIT INSURANCE
This will pay for unusual losses as the result of nonpayment of
accounts receivables above a certain threshold. As with all
policies, you must thoroughly understand the details so discuss
it with your insurance agent. One of the largest providers of
this coverage is American Credit Indemnity, Baltimore, MD. (800)
879 1224.
BURGLARY/ROBBERY/THEFT INSURANCE
Comprehensive policies are available that protect against loss
from these perils, including by your own employees. Make certain
you understand what is excluded from coverage.
RENT INSURANCE
This policy covers the cost of rent for other facilities in the
event your property becomes damaged to the extent that
operations cannot continue in your normal location.
DISABILITY INSURANCE
This insurance will pay you an amount each month slightly less
than your current salary in the event you become disabled and
are unable to work. Cost for this coverage varies considerably
depending on your profession, salary level, how quickly benefits
start, and when they end. Benefits paid are tax-free only if
you, not your company, pay the premiums.
This list could be continued since it is possible to purchase
insurance for just about any peril you can imagine ... if you
can pay the premium! When considering your insurance coverage,
use the following checklist:
INSURANCE COVERAGE CHECKLIST:
* Can you afford the loss?
* What coverage is required by Federal, state, or local law?
* What SPECIFIC items are covered by the policy?
* Are items to be insured for their replacement cost or original
value?
* What SPECIFIC items are EXCLUDED by the policy?
* If there is a co-insurance clause, do you have adequate
coverage?
* Have you chosen deductibles wisely in order to minimize costs?
* Do any of the policies you are considering duplicate or
overlap one another?
* Do you need any insurance based on location, e.g., flood,
earthquake?
Use the following checklist to review your insurance plans:
INSURANCE PLAN CHECKLIST:
* Employ an independent insurance agent rather than going to
individual insurance companies. Ensure the agent shops for your
insurance.
* Talk to and get quotations from at least THREE agents and pick
the best one for you.
* Use money saving comprehensive policies, if possible.
* Perform periodic (every 6-months) reviews of your insurance
program.
* Have business assets professionally appraised to determine
coverage needs.
* Ensure existing personal insurance coverage includes
business-related activities and add riders as necessary or
obtain additional coverage.
http://www.TotalBusiness.com is a Website that provides business
owners with the information they need in order to successfully
start, manage, grow, and sell their businesses.
The site features over 3,000 articles and 60 guides on business
topics such as starting a business, financing a business, sales
and marketing, building a website, setting up an office, hiring
employees, and selling a business. The site also contains
articles on legal and accounting issues affecting businesses and
allows business owners and entrepreneurs to get free expert
advice from local lawyers or accountants. The site contains over
1,000 business forms and agreements that are helpful to business
owners and provides a business directory with over 1,700
merchants who provide services specifically for small
businesses.
About the author:
Eran Salu, JD,MBA,CPA is the Founder and CEO of
TotalBusiness.com
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