With impending natural disasters such as storms off the Gulf Coast, more wildfires in the West, and tornadoes close to us here at the Alexander Insurance Agency of St Charles, it is always important to be prepared in many ways for any events looming ahead. It is very true that disasters DON’T wait in the long run, and that knowing just what to do and when is going to provide a sense of security and a very concrete foundation for the long run.
Here are some tips for all business owners to keep in mind that will assure that you feel prepared and have both proper planning and coverage in place to weather any storm that comes your way during what has proven to be the most uncertain of times.
Give Your Provider an in-depth Review: Many instances can see your business entity suddenly outgrowing the provisions and offerings of your current provider. Companies that build their practice around selling on price may be a good fit for a 19-year-old driver or a business that has just got started, but as your market share increases your needs change drastically. What is difficult for many business owners to realize is that an intense focus on handling claims should be your provider’s best attribute.
Business Interruption Insurance is one of the most important types of coverage you’ll ever acquire but unfortunately may exclude the occurrence of pandemics as a benefit. There have been instances lately where commercial insurers re-rated their general liability policies using their reduced intake level as an indicator and saved more than 80% overall on their insurance. While doing this does not provide a replacement for business interruption insurance, taking the action made it possible to at least continue operating when reopening was an option.
The Leveraging and Peace of Mind from Liability Insurance: Business Liability Insurance is commonly known as general liability insurance, which protects against claims that could originate from anyone that is associated with your business. It could happen on your property, or could also happen somewhere else. Your products, professionalism, Fiduciary duties (such as in real estate dealings), and Cyber liability are all good things to keep in mind here.
The Worker’s Comp Bountiful Benefit: Worker’s compensation insurance protects your workers and their families when workers undergo any level of injury on the job. One of the most important things to keep in mind here is that these injuries must render the worker no longer capable of performing their daily duties, and it can be permanent or temporary. Since no insurance is, in the least, created equally, it is best to work with a company that you know will have equal treatment for disabled employees. Since so many workforces are now mobile, making sure that your insurance coverage in that domain is adequate can be challenging as well.
Different ways to Assure You’re Ahead of the Curve Regarding Auto Insurance: your needs for auto insurance will depend on the kind of business you have chosen to start. Real estate, contract ING, construction, claims adjusters and some in social work may want to consider the many benefits of carrying commercial auto insurance policies. One good rule of thumb is that if your vehicle weighs more than 10,000 pounds or has a commercial logo on its side you should be thinking about the benefits of a well-versed commercial auto insurance policy. Winning accident victim knows that a driver is approaching things from a commercial standpoint; they may think you have deeper pockets, therefore posing a grave problem.