Every business faces a unique risk paradigm, and itís wise to be aware of available tools to manage these exposures:
You are in business to make money, so itís smart to purchase coverage to keep your business running while you are recovering from a covered loss.
Property Coverage & Inland Marine
Obviously you want to have your buildings and personal property protected in case of a loss. This will provide the protection you need (and most mortgagees require). Inland Marine coverage is designed to cover property on the move, so if you have tools and equipment which you take to clientís locations, you will want to make sure they are insured under an Inland Marine policy.
General Liability coverage pays benefits to parties that you may inadvertently harm in the process of your business activities, or who may have an accident on your premises. Depending upon your type of business, premiums may be based upon payroll, revenue, square footage or other measurement, and they may be auditable at the conclusion of the policy period. Many contractors will require that you provide proof of General Liability insurance before they allow you to work
as a subcontractor for them.
Business use of an auto has different exposures than personal use of an auto. Any vehicles titled in the name of the business should be covered under a business auto policy. If any personally owned vehicles are being used for business purposes, a lease agreement should be executed to transfer liability to the business, which can then insure it under their policy.
Workers Compensation provides payment for Medical Expenses, Lost Wages, Employers Liability and Accidental Death if an employee is injured or becomes ill as a result of their employment. Different laws and benefits are applicable in each state.
An Excess Liability policy provides additional coverage above and beyond the limits of your General, Auto and Employerís Liability policies. Itís referred to as an Umbrella policy because it hovers over the underlying coverage.
Medical, Dental, Disability, Life Insurance and Pension Benefits are all optional coverages which can be provided to an employee group, and are excellent tools for employee retention.
Key Man Insurance
Key Man Insurance provides life and/or disability benefits to the business if a key producer or owner becomes disabled or dies. It assures the continuity of the business and is an excellent tool to protect a firmís legacy.
Five Star Insurance Agency, Inc.
215 East Main Street
Festus, Missouri 63028