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MAIN Arrow to BusinessBusiness Arrow to Small Business ResourcesSmall Business

Business Insurance ...
can save your business from disaster

The success and progress of any business, whether it is large or small or even a one person home based business, is dependent on hard work. It doesn't matter how stable you business is, one major disaster like fire or theft can wipe out all your profits or destroy your business. To safeguard your investment of effort and money you need to protect it with the appropriate insurance.

There are a number of different types of insurance, which you may need for your company or business. There are many different policies. Some cover all types of business and others are related only to certain types of businesses. Insurance companies have coverage that can meet the needs of any business owner.

The most common business insurance is business property insurance, covering your company's building, software, supplies, and other property in the event of a disaster. However, depending on the company there are certain types of insurance you may want to look into -- employer's insurance, public liability insurance, auto insurance, office insurance, product liability, and many others.

When you are ready to purchase insurance coverage for your business, you will need to find a responsible, trustworthy and reliable insurance agent or broker. Ask friends and acquaintances in the same kind of business about the agent they use. You should ask the agent or company that provides your personal insurance for advice on the kind of insurance you need for your business.

Contact business trade associations to see if they sponsor an insurance program for your business. Make sure the insurance agent you pick has adequate knowledge about the insurance needs of your business. Your agent can tell you what to do to reduce the likelihood of theft, natural disasters, injuries to visitors, employees and workers, and other business-related losses.

"Your agent can tell you what to do to reduce the likelihood of theft, natural disasters, injuries to visitors, employees and workers, and other business-related losses..."

When choosing an insurance policy with your broker or agent keep the following things in mind:

1) Choose a policy with a higher deductible
Deductibles represent the amount of money you pay before your insurance policy starts. The higher the deductible, the less you will have to pay for the policy.

2) Buy a package policy
Sometimes it can cheaper to buy a package policy with many of the basic insurance coverage needs covered under a single policy, instead of buying an individual policy or coverage. Also keep in mind that by purchasing your insurance policies from one company, you may be eligible for discounted rates just as you would if you were taking out homeowners and auto policies for your family.

3) Ask about various ways to prevent loss
You may be able to reduce your premium for certain business insurance policies by following your insurer's recommendations. These may include workplace safety training, disaster preparation, theft reduction procedures and human resource intervention.

4) Knowledge of policy coverage
You should have full knowledge about the policies coverage which you are about to buy. If a disaster or accident occurs, you will know whether the insurance policy you have purchased covers your business for the losses. By preparing ahead of time with a good business insurance policy, you can save your business from disaster.

There are many ways to prevent your business from having to file a disaster claim:

1) Train your employees in fire safety, particularly those who are responsible for storage areas, housekeeping, maintenance and operations.

2) Thoroughly check electricity systems. You should use modern electrical systems and make sure that the electricians work is up to code. Faulty wiring is the cause of a large percentage of nonresidential fires...so get good quality wires in your business premises.

3) Make duplicate copies of both computerized and written records. Keep one copy off site so that in case of fire or other disaster, you still have one intact copy to rebuild with.

4) Do some research before a disaster strikes by researching alternative facilities, equipment and supplies, and locating appropriate contractors to repair your business property.

5) Set up an emergency plan and provide training to employees on how to execute it.

More about business insurance around the Web:

Buying Insurance - US Small Business Administration - Check out expert tips on how, when, and where to buy small business insurance including a survey of the types of insurance you can purchase, with related resources.

Small Business Insurance - My Own Business - Find a mini-business course in buying small business insurance incuding overviews of workers compensations, life insurance, liability, and more. Looking for a template to help include your insurance goals into your business plan? Here it is.


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