Evaluating Types of Business Insurance. Does the life insurance on the owner provide the money to buy out the ownership in the case of death?

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Presentation transcript:

Evaluating Types of Business Insurance

Does the life insurance on the owner provide the money to buy out the ownership in the case of death?

Is there key-person insurance which provides the business tax-free money that can be used to hire and training a replacementfor a key executive?

Is the disability insurance sufficient to protect the company from loss of business earnings if a partner or key employee becomes permanently disabled?

Check dollar limits of general liability coverage in order to be protected against all potential liability from property damage or bodily injury on your premises.

Consider a comprehensive property plan to avoid duplicating coverage with individual companies.

Watch out for liability limits. An umbrella policy can extend the limits of your basic liability coverage to several million dollars of added protection.

Ensure that your automobile liability coverage includes use of a vehicle not owned or leased by your company.

Be sure that you are covered for employee injury worker’s compensation insurance. Workinjurylaw.info

Consider purchasing business interruption insurance to protect you from lost income while your business is temporarily closed due to catastrophe.

Examine profit and commission insurance to reimburse you for lost profits or for commissions paid for the sale of destroyed or undeliverable merchandise.

Take out malpractice insurance if you are a doctor, lawyer, CPA, insurance broker or engineer.

Transportation insurance is needed to cover products sold which are being transported to the buyer.

Investigate insurance to cover the destruction of computer software and data discs.

Health, life, disability, dental and optical care insurance for full time employees. Consider a Professional Employee Organization (PEO.)

Bonding your employees for potential theft & employee theft insurance.

Surety insurance guarantees completion of a construction job or payment for damages caused by substandard work.

Rent insurance reimburses landlords when tenants do not pay rent.

Fire insurance is standard; but, consider covering theft or property damage after a fire. Sprinkler leakage coverage can protect from a faulty water sprinkler system.

Glass breakage insurance is often overlooked for retail stores.

Earthquake insurance and hail damage is relevant in various areas.

It never happens to me only to the other person. Well, to the other person you are the other person! BE PREPARED