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Posts Tagged ‘umbrella insurance’

Types Of Insurance Any Business Owner Should Own

Wednesday, March 5th, 2014

There are numerous types of insurance any business owner or business should own:

Life Insurance: Life insurance protects loved ones against your death.  It can also be used to benefit your business in the event of your death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind both personally and professionally. Having life insurance allows you to know that your loved ones or company will not be burdened financially upon your death.

General Liability Insurance: Every business, even if home-based, needs to          have liability insurance.  The policy provides legal defense and settlements or awards of damages if you, your employees or your products or services cause or are alleged to have caused bodily injury or damage to a third party.

Property Insurance:  If you own your building or lease space, or store business property at your home including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.  You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.

Commercial Auto Insurance: Commercial auto insurance protects a company y owned vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions.  If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage.  Many times the non-owned can be added to a business owner’s policy which combines general liability and property insurance.

Homeowners and Personal Auto Insurance: As a business owner, as your business grows normally your personal assets do as well.  Increase your coverage limits as your business and assets grow.

Personal Umbrella Insurance: You may want some additional coverage, on top of insurance policies you already have. This is where an umbrella policy comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowner’s or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.  Any business owner should consider this policy to protect their hard earned personal assets.