You are one of the honorable business entrepreneurs that the government is trying so hard to encourage. You work diligently to keep your company running in the black. You are proud about what you and your employees accomplish each week, and at the end of the year. You act responsibly and have a small business insurance policy. You make sure there is no lapse in coverage by paying on time, but do you know if you have a lapse in coverage because you policy does not completely protect your business.
In this economy, many business owners are paring down what they have in their insurance to keep the cost down. You know you have to set daily goals, but keeping your eye on the big picture is how you stay in business. Lapses in small business insurance are often penny wise but dollar stupid.
Many small businesses purchase a BOP (Business owner policy) and think that they have everything covered. A BOP is a great umbrella that does offer an affordable way to combine different types of policies. Just make sure it covers everything that you need. If it doesn’t, consider adding:
EPLI Employee Protection Liability Insurance
For small business without a dedicated HR department that continually monitors and trains your personal in how to behave within the law, you may be open to suits and torts for sexual harassment, disgruntled employees, and the like.
Key Person Insurance
You can purchase a Key person policy for more than one individual and pays out upon the death of the first person out of those listed. Many family owned business end abruptly when the founder dies unexpectedly. All too often the husband dies in an accident, and the wife and family are forced to bankruptcy because no contingency plan was put in place. Key person policy avoids this unfortunate outcome.
Care Custody and Control
If you business handles products that belong to a client that you either modify, enhance or transport; and or it is in your possession at point in time, you need to protect against damage or loss. The value your client’s products are not necesarlily part or your common liability package.
As a responsible entrepreneur, you should take time to review your small business insurance policy at least once a year. Let us help you by guiding you through the review and give you a free no obligation quote today.