| Burkhart Insurance Agency,
Inc. 16 N 1st Street, Vincennes, Indiana 47591 Phone: (812) 882-3600 FAX: (812) 882-3689 Email: the_insurance_professionals@burkhartinsurance.com |
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| Burkhart Insurance Agency,
Inc. 16 N 1st Street, Vincennes, Indiana 47591 Phone: (812) 882-3600 FAX: (812) 882-3689 Email: the_insurance_professionals@burkhartinsurance.com |
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COMMERCIAL (BUSINESS) INSURANCE BASICS |
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| As
an owner or potential owner of a business, you have many important decisions to make about
your operations, and insuring your business to protect your assets is one of the most
crucial. According to the Independent Insurance Agents of America, no matter how large or small your business, you face liability, which means that your business could be held accountable when someone else suffers an injury or damage to their property because of something your business did or did not do. No business can afford to be unprotected. Liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to paying damages but also to the attorneys' fees and other costs involved in defending against the lawsuit, whether valid or not. Generally, commercial liability insurance, whether purchased in a separate policy, or as part of a standard business owners policy, will cover bodily injury, property damage, personal injury or advertising injury. The medical expenses of a person (other than an employee) injured at the business or as a direct result of the operations of the business are also covered. Usually excluded from both types of liability insurance policies are suits by customers against a business for nonperformance of a contract and by employees charging wrongful termination or racial or gender discrimination or harassment. We recommend you take the time to review your policy coverage as your company grows. |
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| General Liability Coverage includes: ~* Bodily injury - includes sickness, disease or death sustained by a person or persons. ~* Property damage - includes physical damage to someone else's property and loss-of-use of the damaged property. ~* Personal injury or advertising injury - personal injury refers to harm to another person's or business's reputation or basic right to privacy. Advertising injury refers to harm caused by an advertisement, such as an ad slandering a competitor. ~* Products and completed operations injury - product coverage is extended to any harm that a business's reputation might cause, including injury arising from "complicated operations" such as repair work or electrical installations. You will need to carefully consider the limits that are sufficient to cover the type of work you are doing, the product you are selling and the amount of interaction you have with the public. Remember, no two businesses are alike. We can help you design an insurance program specifically tailored to meet your needs, and protect your business from the many risks you face in your daily operations. |
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| Looking for methods to lower your insurance premiums? An insurance company
bases insurance premiums on the risks involved. To do this, they evaluate the situation to
determine the risks, or potential for losses and determines its rates on the results. The steps you take today to lower your risks can not only help safeguard your business but may make you eligible for lower insurance rates. According to the Independent Insurance Agents of America, business owners should consider these steps: ~* Maintain adequate lighting throughout your business premises. ~* Keep electrical wiring, stairways, carpeting, flooring, elevators and escalators in good repair. ~* Install a sprinkler system, smoke and fire alarms and adequate security devices. ~* Keep only a small amount of cash in the cash register. ~* Keep good records of inventory, accounts receivable and equipment purchases. ~* Consider keeping a second set of records off-site, such as with your accountant or at home. ~* Make sure your employees have good driving records. ~* Make sure your employees know how to lift properly and use all necessary safety equipment. In additon, you should consider using the services of a risk manager. An outside consultant can advise you of any safety or environmental regulations you may have overlooked or not been aware of and talk to your employees about safety practices. You may also want to raise your deductible where appropriate to lower your premiums. How high to raise the deductible should be governed by how much you can afford to pay out of pocket. Be careful not to raise it so high that you cannot cover it should a loss occur. |
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| Some
business owners learn the hard way that they didn't buy enough coverage. Remembering to
consider certain pieces of your business property when purchasing an insurance policy is
vital to keeping your doors open. Your business may not possess all the following types of property, but you can use this quick reference list to make sure you have thought of all property categories and any insurance coverage that may be warranted for your business: ~* Buildings and other structures (owned or leased) ~* Furniture, equipment and supplies ~* Money and securities ~* Accounts receivable records ~* Improvements and betterments you made to the premise ~* Boilers and machinery ~* Data processing equipment and media (including computers) ~* Valuable papers, books and documents ~* Mobile property such as automobiles, trucks and construction equipment ~* Satellite dishes ~* Signs, fences and other outdoor property not attached to a building ~* Intangible property (good will, trademark, etc) ~* Leased equipment While some of these items are covered in your basic policy, others may be added by an endorsement, or a rider. In addition, some, like money and securities, may not be covered by a standard commercial policy and may require a second, separate policy. |
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