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Friday, June 24, 2011

Understanding Business Insurance

Running a business is hard enough ... but then you need to steer through the complexities of insurance coverages.  What do you need? How much coverage?  What is a fair prices?  What can you afford?

The Insurance Information Institute has a good guide that may answer some of your questions.  For starters, here are a few definitions you may find helpful:

Property Insurance - protects against damage to your structure or business contents.  Depending on where your business is located, you may need multiple policies to cover perils that you may be affected by (i.e. fire, wind, flood, etc)

Casualty or Liability Insurance - protects you against legal liability for damage caused to others or their property related to your business.

Package Policy or Business Owners Policy - this type of policy covers your business for mulitple perils such as property and liability combined.  Another valuable coverage to include is Business Interuption coverage which provides reimbursement for lost profit in the event your business is unable to operate due to a loss which is covered by your policy.

Home Business coverage - even if you operate your business from your home, you must protect your business property and liability exposure.  Check with your Trusted Choice agent to find out if your home insurance policy offers an endorsement through your insurance carrier or if you will need to purchase separate commercial policies.

Business Use of Personal Vehicles - you must ensure that you are properly covered if you use any personal vehicles in your business.  Depending on your operations, you may be able to add an endorsement to your personal auto policy for business use, or you may need to purchase a separate Commercial Auto policy to protect you and your business.  Check with your Trusted Choice agent.

Larger businesses will need to consider  boiler and machinery coverage for large valuable equipment, crime coverage to protect against theft of inventory, money, or equipment, and other important protection based on the nature of your business.

Your Trusted Choice agent can analyze your business operations and recommend coverages from a variety of insurance providers for you to consider.  They can also help you find cost effective ways to manage your risk exposures, implement safety and security plans, and understand different deductible levels.  All of these will help you to manage your overall cost and help you to understand the complexities of the coverage you need.

To help you through the maze of coverages, carriers, premiums, and ways to save money on your insurance, if you are on the Gulf Coast, contact your Trusted Choice agent, SouthGroup-Gulf Coast / , Angelyn Treutel or Tammy Garfield or Melissa Moran at SouthGroup Gulf Coast. You can reach us by email: , phone:228-466-4498, fax:888-415-8922, FaceBook  , Twitter  !

We offer the following Lines of Coverage: Workers Compensation, Auto, Home, Life, Health, Disability, Motorcycle, Boat, Wind, Flood, Commercial Property, General Liability, Directors and Officers Liability, Bonds, Group and Individual Life/Health/Dental/Disability/Vision/Long Term Care, Business Owners, Builders Risk, Commercial Crime, Errors and Omissions, Dwelling Fire, Commercial Flood, Group Accident, Garage Dealers, Inland Marine, Law Enforcement Liability, Pollution Liability, Professional Liability, Personal Umbrella, Commercial Fire, Commercial Umbrella, Excess Flood, Identity Theft, more…

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