10/16/2017

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Business Insurance

Insurance is probably the most necessary of all expenses that you can incur while operating your business. Being uninsured or underinsured is a sure way to falter after having an incident and not being able to recover from it.

One of your main goals should be to protect your business and your work force from unforeseen problems that may arise.

Having the right insurance could mean the difference between keeping your business running or shutting it down.

Experienced insurance salesmen are usually very knowledgeable about the products they offer and they can help you determine the best insurance plan that fits your budget.

There are many types of insurances so you should chose those that are right for your business, whether it is liability, medical, workers' compensation, earthquake, automobile, or others.

All businesses are different so each has it's own unique insurance needs.

Liability insurance covers you and your business from lawsuits brought against you because of injury or emotional stress, damage to property belonging to others, and faulty products or services.

Medical insurance covers medical bills for you, your employees, and their families, in case of illness or injury. Medical insurance is probably the most attractive perk that an employer can offer his employees.

Workers' Compensation Insurance is required by law to cover employee losses due to job related injuries and illnesses.

Business insurance covers your company in case it is forced to relocated unexpectedly or if it is forced to discontinue operations altogether and it provides your business with loss profit protection.

Property insurance covers the building that houses your business from loss due to physical damage and the loss of the use of the property. Property insurance should also cover your inventory, machinery, furniture, and other equipment.

The best way to determine what your insurance needs are is to list everything of value to your company, including your employees, your inventory, your equipment, car, trucks, and your business location.

Then ask yourself theses questions. What would cost the most if you had to replace it new and what would you need to have replaced right away?

The answer should give you some idea of what type of insurance you should purchase immediately and what could be left for a later date.

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