The i’s on Insurance: [Not So Risky] Business


Complete Video Transcript

0:00the eyes on insurance not so risky business congratulations
0:06you’re in business dream and a business plan
0:09but what about a plan to safeguard your business from the unexpected
0:13business concerns helps protect your business correct like
0:16buyers your inventory important papers a thief
0:20mixed up with your property or your business is forced to close due to
0:23be only a one-quarter of all businesses do not reopen after a major disaster
0:29the best way to protect your new business and to keep you Inc
0:32the right type and amount of insurance business insurance covers you against
0:37property lost interruption and my ability property coverage
0:41safeguard your business’s inventory equipment and fixtures
0:44against them loss games there are two basic types and business policy
0:49named Carol which covers only the events listed in a policy own risk
0:53which covers all except those specifically excluded
0:57like earthquake complaining everyday your business is an open
1:00for the day your business isn’t making money business interruption insurance
1:02can keep things running
1:04there are several types but the most common its business income
1:08which covers lost revenue payroll for your employees expenses
1:12and other while you’re preparing to reopen premiums for this type of
1:16are based on your company’s balance sheet and other factors be aware
1:20after a major disaster can take more time than you think to get back on track
1:24to check your policy you can also get extra expenditure
1:28which covers cost like temporary location while you’re waiting for damage
1:32to be
1:32here and your business depending on supplier’s contingent business
1:36or supply chain coverage compensate you damage suppliers Okies
1:40affects your ability to do business and civil authority coverage pays if you
1:44tonight access to your business
1:45due to damage to the surrounding area 100 every three small business owners
1:49have been soon
1:50were threatened with the loss even if your business did nothing wrong
1:53general liability insurance is there to protect against this
1:57type and amount of liability insurance me depends on the nature of your
2:01beware insurance companies can’t hear a liability insurance to the specific rest
2:06in your field for example product liability insurance pays for damages and
2:10legal expenses
2:11customers harm professional liability protect your business if a customer
2:15seems you for negligence or malpractice
2:18Employment Practices Liability covers claims for
2:21harassment discrimination or wrongful termination accidents do happen workers
2:26compensation insurance
2:27piece for the medical care and employees injured in the workplace and replaces
2:31their wages while
2:31unable to work be aware in most employers are required by law to
2:36purchase workers compensation insurance
2:37while every business houdini me understanding the risk
2:40being compared face the key to success your guest your business is what you do
2:46spending time worrying about ensuring from contact your insurance broker
2:51to discuss how getting the right insurance coverage can let you focus on
2:54the important work
2:55helping your business grow for more information
2:59visit reply dot morning up