If your company was engulfed in a fire and all of your business property destroyed, can your company financially survive rebuild, and keep going? What would happen to your company financially if it were hit with a personal injury, lawsuit? Let's, discuss insurance policies and how I conduct an annual insurance review.
My name is Nina and I'm about to get in your business. Business insurance is typically the last thing thought about on a daily basis, but is the first thing that comes to mind when there is a financial loss of some kind? The goal of this video is to encourage business owners to understand corporate business insurance policies and perform annual insurance checkups on their companies.
Since I'm based in Texas, this video covers the type of business insurance offered in the state of Texas. If you would like to know if the coverages I discuss exist in your state contact a licensed qualified insurance agent in your state who specializes in small business insurance for more information, if your business does not have insurance, I highly recommend that you please contact the licensed Insurance agent, a business insurance product, starts with understanding the types of coverages your company currently has here are some of the common coverages.
I expect to see on the average business policy and for the purposes of this video, my definitions are incredibly glossed over. I recommend you contact your insurance agent for a complete definition of terms.
This is a policy for small businesses that fit certain criteria for gross revenue and number of employees. Among other things, it covers general liability and business property. It can be tailored to fit your business needs by adding optional coverages.
It doesn't matter. If your business is located in an office, a storefront, or in your home. This policy covers, for example, a customer falling on spilled goods inside your store, damaged office, furniture, or inventory theft.
This type of insurance replaces business income lost when your company is shut down due to a covered loss like fire theft or if your building is struck by lightning, just like the business owner policy.
This policy also contains several options that will customize the policy to suit your business. This covers the business owner and the company for negligence also known as errors and omissions. This protection is for companies that provide services like interior design, travel agents, consultants, and accountants in the state of Texas workers, compensation insurance.
It's not required, but I do highly recommend obtaining this coverage says it pays for employee lost wages, medical care, and financial benefit for a deceased employee. It also creates limits for injuries in the state of Texas, commercial general liability insurance.
It's, also not required, but it protects business owners against claims of liability for bodily injury, property damage, and slander Employment Practice related claims are on the rise. Litigation can be over a wrongful termination wage, our violations, discrimination violations of FMLA, or workplace harassment, and guess what a business owner does not have to be in the wrong to be sued.
The proper insurance coverage to cover attorney fees and damages related to the suit is important to help protect corporate assets. A commercial umbrella policy extends your liability coverage to further protect the company.
If a claim goes beyond the primary policy limits, for example, if a customer slips and falls on a wet floor and the cost of the injuries is more than the original policy limits, the umbrella policy will kick in and cover the cost overages up to its limit.
If your employee or anyone representing your company is at fault. This coverage pays for medical expenses and damaged property. If your employee uses their personal vehicle to run company errands or if your company owns leases or rents vehicles, you should consider adding his policy included in some business owner policies are smaller coverages like debris, removal, forgery, money order, and counterfeit paper, arson and theft, rewards fence And wall repairs, unauthorized business card use, salesperson samples, inventory, key, lock, replacements, the personal property in transit tools and small equipment, interruption of computer operations, computer equipment - and that includes hardware and software virus, hacking, equipment breakdown, coverage, -- is an outdoor property like trees and shrubs.
So many smaller coverages within your business insurance policies. This is why it is so important to read and understand the business policy annually. I recommend taking pictures of all your business property, maintaining a serial numbered database, and keep receipts to prove ownership.
Each year, research replacement costs of all your business property. Then compare this dollar amount to the policy coverage amount. This can help you determine if the policy amount should be increased or decreased.
Besides the obvious furniture and computers include the replacement costs for the little things like software purchased on its original disks, like QuickBooks office supplies, a large 6 foot by 4 foot, whiteboard external hard drives, and other property that you don't think about.
I recommend storing all this information digitally and maintaining at least two copies one at your office and one off-site at your home or on the cloud once you've documented your business property and evaluated urine replacement coverage amounts contact a licensed insurance agent in Your state, who has experience with small business insurance schedule a meeting to discuss your business, the policy dollar amount and make a determination if you need more or in some cases, less coverage.
Perhaps you need to move coverage around, maybe drop some coverage in one area and add coverage in another if your company recently acquired property or now has inventory in a storage area at another location, these are important changes that should be discussed along with coverage options.
This is where your insurance agent can be very helpful. The purpose of this video is to get business owners to think about your business. Insurance policy needs. What was the last time? You took a good hard look at those documents.
It's. Everything when was the last time you talked with your insurance agent. When was the last time you evaluate it, the replacement costs for your business property and equipment?
I've only discussed a few of the policies. Ask your insurance agent, what types of insurances are recommended for your type of business, and what additional information is required to customize the policy to fit the needs of your company?.
If so, please click that thumbs up button and let me know in the comment section what types of business insurance policies do you carry on your company thanks for watching