Feel free to fill out the contact form below or call: (416) 862 – 5605 and let’s get you some Insurance Help – Let me do the shopping for you!
Would you like to know what you will need to insurance your business? Please continue reading…a
Business Insurance is a general term that describes a broad and often complex set of coverages. The complexity of coverage varies from business to business. One business could have a simple liability policy, while another could have a policy that not only includes basic property and liability coverage, but could also include more complex levels of Liability coverage like Errors and Omissions liability coverage and Directors and Officers liability insurance.
We should talk – go to our quote request page and get the process started. In the meantime here are a few basics about business insurance:
Step 1: Liability Insurance
The foundation of every insurance party. Liability insurance in its simplest form helps to protect you against lawsuits against you for your or your business’s negligence. Typical claims include Slip and Fall accidents but claims can become as complicated as anti-trust lawsuits. A proper risk management analysis will bring to surface the specific type of third party liability that you are exposed to.
Not your fault? Ya so what – you have to prove it! Who is going to establish that – the courts. We all know how much legal council costs – liability insurance affords you that protection at a fraction of the cost.
Step 2: Property Coverage
The second aspect of any business insurance policy is property coverage. Specifically, it is protection from theft, fire, water etc. damage to your property. Property can be tangible: Buildings, stock, cars, desks, computers, phone systems or they can be intangible: profits, income, brands, labels etc.
Property property coverage will be subject to 2 things:
- A deductible – the about of the loss that you will have to pay before the insurance company pays
- Co-insurance clause – a penalty clause that requires you to insure the property to a minimum value (i alway try to use 100%), in order to obtain full replacement value (see article by clicking here)
That is basically it – while the coverage can be complex and the wording is long, all business insurance comes down to these few basic concepts.From these basic concepts, the adept insurance broker can create and sculpt a policy that protects your business and doesn’t hurt your cash flow.
Want to speak further? Feel free to fill out the contact form below and let’s get you some Insurance Help.