Do not make this common mistake with business insurance:
Business owners are busy people. If their business is growing, it seems like there are never enough hours in day. One common mistake business owners tend to make is forgetting to have their insurance coverage grow with the rest of their business.
Often, a new business start up may opt for a B.O.P (Business Owners Policy) which easily protects against the risk exposure of an initial start up company. It may be that you even raised coverage a bit as things went along. As you probably know, a BOP usually covers liability and property and may have other coverage added on to it. For most start ups and small business, it’s a great way to get coverage value from a lower premium than separate policies.
However, as your business grows, it is possible to outgrow the original coverage you put into place.
For example, are your general liability limits keeping place with your growth in revenue and business assets. How about your property limits? One area that is often missed is the technology growth and expenditures that can easily be missed or under insured. Suppose your business started with you a phone and a computer. Now, you have 2 offices, two phone systems, and a number of computers, faxes, office furnishings and much more. Have you checked to make sure your limits will meet the requirements should you need to replace some or all of this? Has your income grown as a result? Is the liability coverage enough?
Working together with your licensed insurance professional to insure you are protected as you grow your business is important. Make your insurance professional an advisor and keep them appraised. Even if you occasionally call in and talk to a support person, it is your licensed professional who best can advise you on your commercial insurance needs.
contact me at 1-855-GET-SELECT (438-7353) for advise on your Commercial Business
Steve Ludwig
President/CEO
Select Insurance Group
st. Peters, mo
http://www.selectinsuranceteam.com/selectinsuranceblog.html
Showing posts with label business insurance. Show all posts
Showing posts with label business insurance. Show all posts
Friday, April 22, 2011
Part Time Business Insurance
Does my part time business need insurance?
A recent survey showed that up to one in ten households operate some type of home based business from their home. Many of these same small, part time business owners have not put some sort of part time business insurance in place. In fact, many of these part time business owners mistakenly think their personal insurance will protect them.
Home based business owners are at risk for serious financial losses in the event of theft, accident, damage or perceived damage to a client, natural disaster, vehicle accident or other types of loss or damage. Most homeowners policies won’t cover business related losses. If you‚ are operating from home, not only can you be risking business property, but personal property which won’t be covered with a business incident.
One possibility is a business rider added to your homeowners policy. If you are writing or just using a phone and computer for your part time business a rider may be all that is needed. However, if you are manufacturing or perhaps doing some type of repair work for a client in your basement, garage or even den, there is a good chance you need more commercial insurance coverage. If you hire an employee, you must have workers compensation insurance.
The risk of not having appropriate coverage is formidable. If you have started a small, part time business, contact a licensed commercial insurance professional. Work with them to determine what insurance is needed. Typically, you need some type of general liability insurance coverage, business property insurance, and if you have employees, workers compensation.
Don’t risk all you have worked for up until now by avoiding or neglecting this important component of being a business owner. As an experienced, licensed insurance professional, I will guide you to what coverage is needed today, and more important, how to protect the future as you grow your business.
Steve Ludwig
President/CEO
Select Insurance Group
Saint Peters, Missouri
A recent survey showed that up to one in ten households operate some type of home based business from their home. Many of these same small, part time business owners have not put some sort of part time business insurance in place. In fact, many of these part time business owners mistakenly think their personal insurance will protect them.
Home based business owners are at risk for serious financial losses in the event of theft, accident, damage or perceived damage to a client, natural disaster, vehicle accident or other types of loss or damage. Most homeowners policies won’t cover business related losses. If you‚ are operating from home, not only can you be risking business property, but personal property which won’t be covered with a business incident.
One possibility is a business rider added to your homeowners policy. If you are writing or just using a phone and computer for your part time business a rider may be all that is needed. However, if you are manufacturing or perhaps doing some type of repair work for a client in your basement, garage or even den, there is a good chance you need more commercial insurance coverage. If you hire an employee, you must have workers compensation insurance.
The risk of not having appropriate coverage is formidable. If you have started a small, part time business, contact a licensed commercial insurance professional. Work with them to determine what insurance is needed. Typically, you need some type of general liability insurance coverage, business property insurance, and if you have employees, workers compensation.
Don’t risk all you have worked for up until now by avoiding or neglecting this important component of being a business owner. As an experienced, licensed insurance professional, I will guide you to what coverage is needed today, and more important, how to protect the future as you grow your business.
Steve Ludwig
President/CEO
Select Insurance Group
Saint Peters, Missouri
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