What you need to know
about about business insurance

You’ve worked hard to build your own business, and as a business owner myself, I can appreciate the great amount of effort and time you’ve invested.  It’s been said that ‘People don’t plan to fail, they fail to plan’.  So, my question to business owners is this:  What’s your plan?  Sure, I realize you have a business plan, most likely created to assist you in obtaining a business loan, or perhaps prepare your budget, both great reasons. 

But how about a plan to minimize or transfer the risks you face as a business owner and employer?  How about a plan that will allow you to continue payroll and financial obligations if and when a disaster occurs?  You’ve worked this hard…don’t let a bad plan or lack of one contribute to your downfall…ask yourself some of these questions:

  1. If a loss occurred, what would be the financial damage to my business?
  2. What types of risks do I face, and how likely are they to occur?
  3. Which of these risks can I avoid?  Reduce?  Accept?  Transfer (Insure)?
  4. What is the most critical business insurance need should I discuss with my insurance agent?

There are different ways of insuring different exposures you face as a business owner.  First and foremost, schedule an appointment with your insurance agent to talk about your business and insurance needs.  Basic types of insurance include Liability, Property, Automobile, Income, Workers Compensation, Life and Health. 

There are many, many types of insurance, and there is NO insurance policy that covers EVERYTHING.  A question I ask business owners is this:  Do you know what IS covered in your insurance policy, and what is NOT covered? 

I recommend all policyholders take the time to sit down with their agent and review their policy, with 2 hi-lighters: yellow and green. 

Carefully read all areas that state what IS covered, and highlight them with yellow, paying close attention to your duties, and the insurance company’s duties.  (Yellow means Caution/Care).

Then, read all areas that state what is NOT covered, or excluded, and highlight them with green.  This will affect your pocket book! 

You are responsible financially for exclusions by your insurance contract. (Green means money.)  This is a good time to review your coverage limits…because limits mean exactly that...if you do not have the insurance coverage you thought you had, be sure to ask.  The time to find out you are not fully covered is now, BEFORE a loss occurs!

For more information, or a complimentary insurance coverage review,please give me a call! I'd love to help you save up to 40% on your insurance.

(804) 557-3113 • (757)-508-6389 • FAX 804 557-3250  EMAIL US

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