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Have I Covered My Small Business As Best I
Can?
By: Thomas M. Kallman
As a small business owner, you don't have time to oversee
many different types of commercial policies and that's
why many small-to-medium sized companies choose to purchase
a business owner's policy to meet their diverse insurance
needs. This type of policy lets you consolidate different
commercial coverage's under one comprehensive policy.
Each policy is tailored to the unique needs of your
own business. The above coverage can provide protection
for your buildings, equipment, inventory, computers,
and more. It can also insure against losses from
incidents such as personal injury, lost business income,
dishonesty and liability.
Like home insurance, business insurance protects the
contents of your business against fire, theft, hurricane,
and other types of losses such as liability law
suits. It is prudent for any business to purchase a
number of basic types of insurance and while some types
of coverage's may be required by law, others simply
make good business sense. The types of insurance listed
below are among the most commonly used and are a starting
point for evaluating the needs of your business.
A business owners policy combines multiple coverage's
under a single, comprehensive package. It is designed
for the unique needs of different businesses. Whether
you are in manufacturing, printing, home building, plumbing,
retail, service or other industries, you can select
the coverage right for you. Depending on your industry,
coverage's may include the following:
• Commercial Property; including fire, theft,
and business interruption
coverage
• Comprehensive General Liability Coverage;
including premises and product liability
• Business Auto
• Umbrella Coverage; coverage in excess
of primary auto and general liability limits
• Worker's Compensation
• Surety Protection
• Employee Dishonesty
• Electronic Data Processing; insuring against
computer hardware and software losses
Business Interruption coverage is often overlooked
and is crucial to the survival of any business after
a loss. While property insurance may pay to replace
damaged or destroyed equipment or buildings, how will
you pay costs such as taxes, utilities and other continuing
expenses during the period between when the damage occurs
and when the property is replaced and you are able to
re open ? Business Interruption "business
income" insurance can provide sufficient funds
to pay your fixed expenses during a period of time when
your business is not operational.
A Business owners package policy offers convenience
and the potential for cost savings because all coverage
is issued under one policy. Just as important, your
coverage is designed for your company's specific situation
and insurance needs. You obtain the coverage you need
and reduce the possibility of either dangerous gaps
or costly duplication of coverage. Many often needed
but seldom purchased "Throw In" type additional coverage's
are automatically included in this all in one type policy.
Call your Agent and ask if they can provide this type
of comprehensive coverage for you.
Please Contact Tom Kallman, President
TMK Risk Management Inc
DBA Kallman Insurance Agency 954-389-5897
www.tmkrisk.com
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