As a business owner, you want to make sure that you have all the necessary insurance policies in place. Not only that, but you need adequate coverage. Every business is different, so there is no one size fits all strategy. However, there is a good comprehensive checklist for business owners and insurance coverage. You might not need it all, but you can use a business insurance coverage checklist to determine what policies and coverage that you do need.
Overview of Business Insurance Coverage Checklist
First of all, do you have employees? You need health insurance for yourself and your family. Employees need health insurance options made available to themselves and their families as well. Health insurance is a priority. You need to think about the types of plans that you want to offer, the coverage, deductibles and copays, the policy source, the associated costs and of course cost sharing as well. How much of the health insurance premiums for your employees are you willing to pay?
Another priority is of course property insurance. You want to insure your business property in case of damage and theft. What equipment needs to be covered as well? What kind of deductibles need to be in place for you? Again, the associated costs of such a policy is important, as well as the policy source. Make sure you get business property insurance.
There is also liability insurance and business interruption insurance. Business interruption insurance helps you reestablish your business in the face of disaster. It can be very helpful in case of various types of emergencies, and you need to determine as a business owner what your needs are for business interruption insurance. As for liability insurance, it is about employee claims against you. The insurance will protect you in the event of a claim. Some other types of insurance provide liability coverage for these types of situations, but that’s why it’s important to examine all of your insurance needs and the coverage that is provided.
Worker’s Compensation Insurance is a big one, too. This is a required form of insurance, and the requirements are going to vary according to the state in which your business is located. You will want to make sure you get this type of insurance, and as for specific coverage, it’s best to discuss those matters with an Procom Insurance Company – insurance professional.
Do you need commercial auto insurance as well?
That is something that many business owners need because they have company vehicles. You will of course know whether or not this type of insurance applies to you and your business. After looking over your insurance policies and thinking about the needs of your business, you might also consider what is called umbrella insurance, which fills in the gaps of other policies.
Your business insurance needs will certainly be individual to you. Use this checklist to help you make decisions, or you can get an actual printout of a checklist as well. What you want to be sure you do is to really consider all aspects of business insurance and then make choices about the policies you need to purchase.