Hey there... boring but well deserved topic here... INSURANCE!
Have you thought about it? Do you realize what risks you're taking if uninsured/self insured?
If you are a sole proprietor & do not have GL, you risk losing everything you/your spouse own along with future income!!!
And unfortunatley I've seen it happen! I've been a licensed agent & serviced Commercial Lines Policies in all 48 States for over a decade. However I'm not advising as an agent, only providing information for you to have a better understanding of Insurance in hopes that you'll protect yourself/your business.
The 2 most important things for you to know are;
1. Your personal policy is just that, personal coverage & NOT a business policy! Therefore will NOT cover your business!
2. Every business, including home-based businesses NEED General Liability Coverage! (Contact your local insurance agent to discuss your policies, coverages & limits.)
Property/Casualty insurance can be broken down into two major categories:
Commercial Lines and Personal Lines
PERSONAL LINES, includes coverages for individuals—auto and homeowners insurance. Personal Insurance generally will NOT cover anything business related!
COMMERCIAL LINES, Coverage for businesses for protection against potential losses through unforeseen circumstances like theft, liability, property damage, and for coverage in the event of an interruption of business or injured employees.
The most common types of Commercial Insurance are: Property, Liability and Workers' Compensation.
In general; property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers' compensation insurance covers on-the-job injuries to your employees.
Commercial Property Policy: An insurance policy for businesses and other organizations that insures against damage to their buildings and contents due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase in expenses that results from the property damage (PD).
Commercial General Liability Insurance(CGL): EVERY BUSINESS, EVEN IF HOME-BASED, NEEDS TO HAVE LIABILITY INSURANCE!!!! A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
Businesses with employees are required by law to pay for certain types of insurance. Be sure to check with your municipality for requirements. (Your local agent may or may not know business law requirements.) Most will require workers' compensation insurance, unemployment insurance, and, disability insurance.
Commercial Vehicle Insurance: is a policy of physical damage and liability coverages for amounts, situations, and usage NOT covered by a personal auto policy. (Discuss coverage in detail with your Auto Insurance Agent
Thank you for taking the time to learn some basics.
(If you have questions or concerns pleast contact your local agent to discuss further.)
~ Missi ~