Corey Dargan: Hi! I am Corey with Wells Fargo and Company. When you are starting a new business there are many important things to do before you get your first costumer. Well, one must-have item that needs to checked off the list before your doors open is Business Insurance.
You know it's important to be protected, but do you know what kind of coverage really need. At a minimum most businesses we want to have Property and Liability insurance, well what about Workers Compensation or Commercial Auto insurance.
For mini businesses a businesses owner's policy is a good option, it combines three of the most important types of coverage into one policy Property insurance, Liability insurance, and Business interruption insurance.
Property Insurance protects a place where your company operates including the building and contents from fire, theft or other covered risk.
Liability Insurance is valuable protection if someone claims that your business is to blame, the property damage or personal injuries. And if your business is temporarily shut down due to a covet event Business Interruption Insurance can provide financial compensation for lost revenue and temporary relocation expenses you may incur.
Outside of the basic policies you will also likely need Workers Compensation Insurance, if you hire employees. This provides income and medical benefits to employees who are injured on the job or while performing job-related tasks, while away from the premises.
We may also want to have Commercial Auto Insurance whether your business owns and operates a fleet of pickup trucks or single car, because your personal auto insurance policies may not covered use of the vehicle for business purposes. Commercial Auto Insurance will likely include a combination of bodily injury, property damage, collision, and comprehensive coverage.
Determining the right amount of coverage for your business is as important as getting the right types of insurance. Too little insurance and you are potentially supposed, too much coverage and you are taken away from your bottom line.
Talk with an experienced business insurance agent to make sure you have the basic coverage needs met and remember to review your policies annually to make sure your coverage is keeping pace with your business.