Insurance for the Small Business Owner


Complete Video Transcript

0:07if you own or manage small to medium size based business
0:12with fewer than 100 employees and less than 5 million in sales
0:17and are looking for insurance you may be confused about what you do and do not
0:21need to cover
0:22what business insurance is right for you
0:25a business owners policy or bop pops cover the same kind of pareles
0:31that the typical homeowner’s policy does but it does so
0:35for business property pops combine many essential business insurance coverages
0:39under one policy which can help lower premiums
0:43many insurers also can provide customized bob’s to me
0:47insurance needs specific to your unique type a business
0:50keep in mind that a business owners policy sometimes doesn’t always mean
0:55a business insurance needs and can leave some risks and exposures
0:59uninsured or insurance adequately decided for bob is right for your
1:05you need to know what the policy does and doesn’t cover
1:09pops generally cover two basic areas of coverage
1:15and my ability
1:18property insurance is one of the most important investments for your business
1:22as a protection building equipment and inventory
1:26a pop provides replacement cost coverage for buildings
1:30and most business owners personal property replacement coverage means
1:35that in the event of a claim you’ll receive a large enough settlement
1:39to replace your office contents without any deduction for depreciation
1:43to help in this process it is recommended that a small business owner
1:47haven’t accurate inventory on all other content in their office
1:52and the replacement value when you’re insured property is damaged
1:55you are protected for loss of business income it will cover the losses net
2:00and continuation of normal operating expenses including payroll
2:05typically it covers you for up to 12 months
2:08as a result furniture power like fire
2:11for her the liability coverage uva bop
2:16protection business against claims love oddly injury
2:20property damage or a lawsuit arising from an accident that cause bodily
2:26also from planes such as libel slander
2:30and false advertising even if those claims are meritless
2:34a general liability coverage does not protect your business
2:38in the event that a client accuses you professional errors
2:41or negligence those types of claims are normally covered by professional
2:45liability insurance policy
2:47it also does not include workers compensation insurance
2:51workers comp is required by law for most companies
2:55to or more employees and each state has different requirements
3:00whether you need to buy a business or no insurance policy
3:03can be determined by your insurance agent he or she
3:07will look at the type of coverage that’s right for you I how you use your
3:11vehicle’s your business
3:12who will be driving them and whether employees are likely to be driving their
3:16own cars for your business
3:18in addition to a basic business owners policy
3:21these are some other more comprehensive coverage is available
3:28work closely with your agent if there’re any major changes in your business
3:31such as new hires purchases or expansions
3:35these can affect your policy
3:38understanding the risks your business may be expelled
3:42and insurance coverage is renewed will ensure that your
3:45issues has the best protection possible ok