BUSINESS INSURANCE - RISK MANAGEMENT
First - Take stock of what it is that you want loss protection for:
- Equipment - computers, fax machines, etc.?
- Inventory?
- Buildings, land or fixtures?
- Liability?
- Business Interruption?
- Only vehicles registered to the business?
- All vehicles owned by you?
- Any vehicle, even those owned by employees while being used in the business, or which your business temporarily uses?
Decide how much each is worth, should a loss occur. Be realistic, don't under estimate and try not to over estimate.
Second - Decide what kind of coverage you need and what is it you would like to be protected from?
- Everything possible?
- Fire?
- Theft?
- Loss of Income?
Third - Determine who you would like covered:
- All employees?
- Only full-time?
- Anyone?
Fourth - Find a professional insurance agent to shop around for the best prices for the package which fits your need.
Discuss the exclusions and conditions which exist on the policies of the insurance companies the agent recommends.
Will any of these exclusions or conditions serve to restrict your operation? If so, seek another type of policy or determine if there are endorsements (an alteration to your policy which may decrease - increase, limit or render void - coverage) which can be added to the policy to counteract the exclusion or condition.
Fifth - Most of all be involved.
Being involved in this process assures that you are covered in the manner you desire, will avoid paying for coverage that is not necessary, and will understand the coverage that you have. You would not hand over the reins to your business to someone else, and insurance is a part of your business. Treat it accordingly.
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