Having the right kind of insurance is critical to your business, which is why multiple insurance policies should be in place before you even open your doors for business. In addition, they should be reviewed every year or, when a business change occurs such as stocking new products or moving to a new location.
Commercial Business Insurance
Commercial Property Insurance policies protect your office and its contents from damage caused by natural disasters, fires, or vandalism. They are either all-inclusive or risk specific.
Product Liability Insurance is necessary if you manufacture or sell products and safeguards you if a product defect causes injury to someone.
For protection against lawsuits related to negligence claims, you need to consider both General Liability Insurance and Professional Liability Insurance.
Other types of insurance your business might need include:
- Coverage that protects Directors and Officers from personal liability
- Key Executive Life Insurance
- Business Interruption (covers lost profits and expenses)
- Commercial Vehicle Insurance
- Website Insurance (protects you from legal claims)
Employer-Related Insurance
Workers' Compensation Insurance (administered by individual states) and Unemployment Insurance (under certain conditions) are mandatory in the United States. Some states require employers to provide other types of insurance. For example, if any of your employees are located in California, Hawaii, New Jersey, New York, Puerto Rico, or Rhode Island you will be required to provide Disability Insurance. Disability Insurance is a benefit provided to employees who are unable to work because of illness or injury.
Employers are not required to provide Life, Medical, and Dental Insurance for employees.
Make Sure You Get the Correct Insurance for Your Business
Some tips:
- Don't under-insure, but don't over-insure either.
- Assess your liability risk honestly and thoroughly.
- Ask your lawyer for advice.
- Get quotes from several companies.
- Talk to your insurer about how you can minimize risk and premiums.
Your insurance company will be your ally if you encounter legal problems because of an accident or injury that happens to someone on your property, to an employee doing business for you, or if a service you provide causes harm to someone.
Avoid lawsuits by making sure you have the right insurance for your business. If you need help figuring out which insurance is best for you, then give us a call now. We are your financial partners, and we are here to help.
Security Tax Services LLC
North Sound South Sound
2802 Wetmore Ave, Suite 212 33530 1st Way S, Suite 102
Everett, WA 98201 Federal Way, WA 98003
425.339.2400 253.237.0751
fax 425.259.1099 fax 253.237.0701
Having adequate insurance protection for your business is certainly important these days. You may resent having to pay a monthly premium but at least you can be sure that the financial security of your family and your business won't be compromised should unfortunate events occur.
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