What Business Insurance Do I Need?

When considering your business insurance needs, ask yourself these questions:

• Do I have adequate business continuation coverage? If a natural disaster were to strike your business, will you be able to set up and continue operations in another location?
• How often will I be updating my liability coverage? Don’t fall into the trap that many small business owners find themselves in. They purchase a policy, file it away, and never look at it again. Review your insurance policy at least once a year to make sure it still meets your needs.

Here are some of the basic types of business insurance:

• Property and liability coverage. You never know when a fire, flood, or other natural disaster will strike. Property and liability insurance will also shield you from judgments for accidents on your property or involving your employees. Make sure you have adequate coverage in this area.
• Health and medical coverage. As your business grows, you will want to offer some type of health insurance for your employees. Consult a health insurance broker for the best deals on these plans. Offering a good health plan helps attract and retain the best employees.
• Directors and officers coverage. This type of insurance protects the directors and officers of a corporation from personal liability in the event of a claim against the business.
• Key executive life coverage. Your key employees are the heartbeat of your organization, so make sure you have adequate insurance coverage on them.
• Vehicle coverage. These policies typically cover liability for injuries involving the vehicles owned and operated by your company.
• Disability coverage. This insurance continues to pay a portion of the salary of a worker who has sustained an injury and can no longer work.
• Web site coverage. While this is a relatively new type of policy, it is growing in popularity. Nearly every business has a Web site, and this type of insurance protects you against any claims or actions taken in conjunction with your site.