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10 Things keep mind of insurance by small business owners

When you hear the phrase "commercial insurance," you might think that this applies only to large companies, which was established. But in fact, this is an important topic for any company size - from the largest corporations to the smallest and operation of one person and everything in between.

Whether you're simply in the early stages to get a business idea up and running, or have already established business, it is important to know some basic things about how to do business insurance, the types you may need. Here are some tips to help you get started - or to provide you with a quick review.

1. Property Insurance - understand what it covers

It covers property insurance, not only the physical structure, which includes business, but also the contents inside the structure. This can include office equipment and furniture and even inventory.

2. Liability Insurance is a must

No one likes to think about it, but getting sued by Ward always the possibility for a business, regardless of size. And an appropriate amount of liability insurance is very important. Liability insurance can help in the expenses if the lawsuit was filed against your business, but it can also help pay for expenses in the case of any person because of a defective product or service.

3. Worker's Comp - check your state's requirements

If your business and staff, it is very possible that you have workers' compensation insurance. If anyone was wounded in action during the work for you, and workers' compensation insurance to help pay for medical expenses. Most states require operating companies of all small and medium-sized companies, but be sure to check your state requirements to make sure that you get the appropriate type - and amount - of coverage.

4. Errors & Omissions

E & O insurance is like liability insurance, but it is specifically for professional services firms. This type of insurance can cover the expenses that may be incurred as a result of accusations of negligence, or failure in the performance of your professional services. Even if you have not.

5. Got employees? Consider EPLI

It applies to employment practices liability insurance cases in which they are sued companies for things like discrimination, sexual harassment, or terminate illegal. At one time, this was the only topics of interest to large companies, but in today's environment, companies of all sizes are subject to this kind of litigation. If your business and employees, it is wise to consider adding a cover EPLI policy your employer (BOP, described below).

6. Is Key Employee Insurance worth your while?

In many cases, the success of the business depends on the involvement of certain staff. If one of these employees to pass away unexpectedly, their absence could affect the company's profitability. The main beneficiary of the employee's policy is to work himself. Often ask key employee policies by lenders, to meet certain credit requirements.

7. Cyber Liability Insurance is gaining in popularity

It is treated more and more business online. Being store more and more data in the "cloud", allowing for easy access and reduce the need for companies to invest in storage facilities or storage. However, as they are dealing with more business electronically, and more are to open this information up to the theft and piracy. Cyber insurance against liability will help protect companies if the data breach experience; and will help cover costs ranging from legal expenses for the expenses of public relations.

8. Directors & Officers Liability Insurance is NOT the same as E&O

As the name implies, D & O insurance protects specifically directors and officers of the company. D & O insurance protects the business, and sometimes managers and employees themselves, in the event of legal action brought for wrongful acts alleged. While such claims are less common in the United States, if your business operates outside the United States this type of coverage is definitely worthy of further investigation.

9. Don't forget about the car!

If you have a vehicle owned by your business, used exclusively to run your own business, they will not be covered by insurance on personal cars, there is a need to separate the insurance business auto policy. There are many types of coverage available, and can sometimes auto insurance bundled into your employer's policy. However, individual plans can be more easily customized.

10. Consider a BOP

The employer's policy can be a great way to package common types of insurance in one policy in handy. BOPS are customizable, and can save you money because there are multiple types of coverage combined into one policy. You can buy BOP also simplify the insurance process, where you will have only one policy, one renewal date, and the payment of a single premium to deal with. While the combination of policies can be very convenient, it must be done unless you can really have all your insurance needs met in one product in. If your business is of an extraordinary nature, or have specific insurance needs, it may be better to still consider individual policies. And it will work with a trusted agent or insurance broker can help you ensure that you get all your business insurance needs taken care of.

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