Gloria Pobst

When was the last time you reviewed your insurance coverage?  Do you know what hazards you have covered and the ones for which you are “self-insured”?  Your deductibles – the dollars you must pay before insurance kicks in?  Your total coverage amount and any exclusions? If you have any claim dispute we recommend you to some legal help with the Aronfeld Trial Lawyers.

Insurance is a tool utilized by business owners to manage their risks for theft, accidents, natural disasters and other situations. a good insurance strategy is one the best way how to grow your business.  You can also reduce the likelihood of getting a lawsuit if you’re in the construction industry by making sure that your employees are safe by giving them tradie uniforms.

Most experts agree insurance should be a disaster safety net, rather than protection for minor inconveniences but you might also want to check this post with a different point of view and a review of The best life insurance for young adults Affordable Life USA.  For example, you want to have auto insurance to replace a vehicle that is totaled, not to replace a headlight in a minor parking lot accident.  A small business may save considerable money just by increasing their deductible. In addition, small businesses can also reduce risks like theft by installing commercial security systems around their business premises.

It is important to review on an annual basis (more often if the situation dictates) all risk exposure and determine the optimal level of protection for the business.  There are many different types of insurance such as business property, general liability, worker’s compensation with pay stubs, health, disability, life and employment practices liability coverage. For employee pay stubs, you can read here what are paystubs all about and its benefits to you as employee.

A business owner’s policy (BOP) has been compared to a homeowner’s policy for business.  First developed in the 1970s, BOPs have become popular for small to medium sized businesses.  Typically a BOP policy includes:

  1. Property insurance – covering buildings, equipment, inventory, and even Factory Flooring repairs.
  2. Business interruption due to construction– covering losses resulting from a shutdown of operations industrial building design work on site
  3. Casualty or liability protection – covering harm done by employees or products to other people or their property
  4. Crime insurance – covering loss from burglaries, robberies, destruction; employee theft or embezzlement
  5. General liability insurance – covering lawsuits arising from accidents (especially employee accidents which would lead them to hire a job site accident lawyer), product liability, accusations of slander, copyright or invasion of privacy
  6. Car insurance for rented or borrowed vehicles. You want to have a team of commercial vehicle wreck attorneys in case of any accidents with business  commercial vehicles, Read More Here for more information about cars. Most importantly, make sure that you get mva title registration for your commercial vehicles.
  7. The premium for a BOP is generally less than the premium for the individual coverage policies purchased separately.  Jason Moss, Insurance Agent at Talbert Insurance Services explained, “Many business owners don’t have them (BOPs) because it is easier to keep renewing what they have had for years.  Insurance companies regularly add BOP programs for different industries so it is recommended to have your insurance needs reviewed by a professional to see if your business is covered by this type of package.”

In the area of health care coverage for small businesses, recent legislation will be introducing many changes in the next few years.  A summary of the health care reform bill and detailed information is available at  Certain tax credits for small business are retroactive to January 1, 2010 (check with your tax advisor).  For several years, small business owners have utilized high-deductible health plans (HDHP) with health savings accounts (HSAs) to protect themselves and their covered employees from catastrophic illnesses at a relatively low premium.  These have gained popularity especially for younger, healthier individuals.  As with all insurance products, one size does not fit all.  It is significant to understand the importance of health insurance and to review your individual needs and those of your employees with an insurance agent to determine the best health insurance coverage for your firm.

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