Policy Liability
Policy Liability
Customize Your Business Insurance Policy
When you’re shopping for business insurance, the most important issue is to ensure that you purchase a policy that will cover all attributes of your business. Business insurance is a very customizable endeavor, so use the versatility of business insurance to help meet your needs.
You do need to keep in mind that there is a minimum standard of coverage you need to maintain. Many states require that businesses carry certain forms of insurance. Here are the most common forms of business insurance.
Property Insurance
The first and foremost policy you need to purchase is property insurance. Property insurance will protect if loss of use of the building occurs due to water or fire damage. Property insurance will also cover the costs of repair to the building. Many property insurance policies have replacement coverage plans in place for the building. If you run a storefront business, you should be extra careful to buy a thorough property insurance policy.
Liability Coverage
This is also an extremely important form of business coverage. If a customer is injured while patronizing your business, you could be held liable. Or, if a defective product hurts one of your customers, you could be held liable.
Liability insurance will pay for costs associated with incidents like these. You need to make sure that your liability coverage will cover a variety of expenses pertaining to damages and court fees.
Loss of Income Insurance
This form of insurance basically will keep your business afloat if something happens that interrupts the normal flow of business activity. For instance, if your building burns to the ground, loss of income insurance will reimburse you for business expenses and estimated income for the duration of time your business is unable to operate.
Businesses that lease spaces in buildings especially need loss of income insurance, since property insurance will only protect the leased office. If another part of the building suffers damage and you can’t get to your business, property insurance won’t cover you, but loss of income insurance will.
Records and Retention Protection
This form of insurance helps you maintain IRS and other legal records. Since federal law mandates that all business must keep certain records for at least 25 years, you want to be protected when it comes to reporting. This form of insurance will also help your business comply with Sarbanes-Oxley reporting laws.
Specialty Coverage
Other crucial forms of business insurance include errors and omissions coverage, directors and officers insurance, and employment practices liability insurance. All of these help protect individual members within each company.
The most important thing to remember is that you can’t buy too much coverage. You need to operate your business safely and securely. This means that you acquire an insurance policy that saves your valuable investment.
Consult with an insurance professional so that you can design a policy that will help cover any anticipated expenses. Good insurance professionals will appraise various facets of your company and give you a reasonable estimate that will help you stay covered.
Learn more about business insurance and how to put together a policy that will cover your business totally.
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Southern Pioneer Implements ISCS’s SurePower Innovation Policy Administration Suite
ISCS is pleased to announce Southern Pioneer Property & Casualty Insurance Company (Southern Pioneer) has implemented SurePower Innovation® Policy Administration Suite to handle processing of the company’s homeowners’, dwelling fire, vacant dwelling fire, garage liability, commercial property and liquor liability lines of business.
