Finding Parallels Between Policies and Life
September 9, 2018
Just one spark and your store can be set on fire. A simple slip is all it takes to be facing an expensive lawsuit. You then wake up the following day ready for work only to know that in your parking slot, you can no longer find your own corporate car. For most business owners, operating on uncertainty is a given in running a business. And since you are facing these risks as you are operating your business, you have to do what you can to keep them to a minimum.
A lot of business owners make the mistake of not getting the right business insurance plan for their business. Basically, it is never enough that you have secured some insurance for your business. Being a failsafe is something that your business insurance must be assured of. To make things clearer for you, you just have to remember that when you get a business insurance plan, it must be one that can cover any possible scenario to ever happen to your business.
There are some things that you have to pay close attention to if you need to know what risks are there for your business. So that you can determine what needs your business has in terms of its insurance plan, you have to do an audit of all of your business operations from its beginnings to its very end. Make sure that you identify every single risk of your business. There is a bigger possibility that as the business owner, you are not that well aware of every single detail that is happening on how your business operations are going. That being said, it would be wise if you call in your managers and key employees for you to find out every detail of your business operation.
When it comes to getting insurance for your business, do know that there are four major types of them. The first one is the most common and you call it a business property insurance plan. If something happens to your properties that are used for business operations such as being destroyed or damaged, then this kind of insurance plan will be providing you with monetary reimbursements.
The second type of the liability insurance where if you have injured a person or have damaged some property during your business operations, this insurance will take care of it. For example, when one of your customers in your restaurant has slipped because of spilled drink, this insurance will be able to cover the hospitalization expenses of your customer.
The third type of insurance coverage is what you call the automobile insurance for your company car. Such an insurance policy works by taking care of anything unfortunate happening to your company car.
And last, you have the so-called umbrella business insurance plan. This does not play a particular role but it extends whatever limitations the other business insurance policies that you have. When there are some things that apply to your business but are not covered by the other three business insurance plans, then this will do.