Business Insurance ? And What You Need To Know
Getting your business up and running is exciting, challengingand hard work. You're finally making money ? and you are thedriving force that is making your business grow. But have you taken care of the "What ifs". Like ? "What if I get sick, how do I pay my bills" or "What if I have a fire, how do I keep my business running". Simply put, the one thing you do not want is to have the business that you have labored so tirelessly on, hit a financial snag.
If you are a sole proprietor or a partnership ? both yourbusiness and personal liabilities are at risk. Do you thinkyou're safe if you incorporate or have an LLC? Manyare misled into believing this is so, however, you too canbecome personally liable if you sign a personal guarantee ona loan, personally injure someone or act irresponsibility. Asyou will see, owning business liability insurance can anddoes protects your business and personal life from financiaruin. My discussion here will be limited to Business Interruption,Overhead, Umbrella Liability and Liability Insurance ? explaining what these four types of insurance are, and what they can offer you and your business.
Business Interruption Insurance
Business Interruption Insurance helps to insure against anyeconomic losses that you may encounter if something shouldhappen to close down your business. For example, you havea fire in your corner of the house ? your business office.Your home is covered for property damage ? thus, the rebuilding is covered, however, what about the lose income you're losing while you rebuild? That's where Business Interruption Insurance can come in to play.
There is one type of business insurance that you may want toconsider when your business is making a good profit, and that would be Overhead Insurance. Overhead Insurancecovers rent, salaries, utilities, insurance premiums and/orinterest payments that are related to the business ? thistype of insurance would cover you in case of a majorillness or accident.
Umbrella Liability Insurance
Umbrella Liability Insurance is used for catastrophiclosses. This will protect you in the event someonewants to sue you. An umbrella policy will upgradeyour basic auto, homeowners or business insuranceto cover these unforeseen events.
If you have people coming to your home-based business,than liability insurance may be something you shouldlook into it. Liability insurance will cover you againstclaims made by others against you for injuries or damagesthat occurred on your property.
Yes, your homeowner's policy includes some liabilityinsurance, but it may not cover you for liability claimscaused by your business.
To conclude, life offers many unexpected turns in theroad ? and basically, that's what all insurance does ? itprotects you against those unexpected bumps in theroad ? and keeps you moving toward your goals with onlylimited stales. Personally, I believe I can deal with a small bump in the road better than a complete halt inbusiness. How about you?
To your success.
Vickie J Scanlon has a BBA degree in AdministrativeManagement and Marketing. Visit her siteat: http://www.myaffiliateplace.biz for free tools, articles,ebooks, how to info, affiliate opportunities, servicesand products ? to meet your budget and needs.
Why Should You Shop Around For Auto Insurance?
How do you know if what you are paying for your insurance is a good deal? What is a good deal? Is choosing the cheapest company the best way to go? Does buying from the ...(related: Insurance)
What Type Of Doctor Should I See Under My Hsa?
You can withdraw money from your Health Savings Account (HSA) to visit an MD, DO or a chiropractor.Since you will be writing a check or using your debit card to pay for these visits at the time of service, you will really notice how much it costs. Since you have a high-deductible...(related: Insurance)
What Is Pet Health Insurance?
Pet Health Insurance can give you the peace of mind that you are covered against unexpected vet bills. Having a pet can be a costly affair when you consider such expenses as food, vaccinations and checkups. But did you know that the cost of surgery can run into thousands of pounds? Would you be able to afford the vet's bill for major surgery should your pet fall ill or the cost of a claim against you if your dog runs out into the road causing a road traffic accident?One of the most distressing situations to arise is when a pet's problem is curable but the cost is too high for the owner to be able to afford, and consequently the animal has to be put to sleep. A less serious situation is when the owner has to opt for the less than best treatment due to money constraints. Obviously wi...(related: Insurance)
Medical Insurance - Health Insurance Coverage & Plans Explained
If you're trying to decide between health insurance plans, you'll find that there are several different kinds from which to choose. It's important that you weigh ...(related: Insurance)
Why Boat Insurance Is A Necessity
Boat insurance is necessary for all boat owners who live on or really value their boats. If it is something that you feel you must replace then you need to insure it. If you live on your boat it is absolutely necessary that it be insured. Who would want to lose their home?Also most boats are financed in the beginning. The lending company will insist on insurance in those cases just as they would with a house or a car. This is not unreasonable; they have as much to lose in the financial sense as you do if anything happens to the boat.Some areas are more dangerous than others for boaters. While some of those areas are famous or infamous 'the Bermuda T...(related: Insurance)
Do You Pay Too Much For Your Car Insurance?
Do the premiums just seem to get higher and higher every year?It is amazing how many people just receive their insurance renewal when it is sent out each year and pay it off without a second thought!But, at the back of their mind, is this niggling feeling of discontent about the amount they are paying. Unfortunately many feel there is ...(related: Insurance)
Is Your Financial Security At Risk?
The topic of insurance is not sexy by any means. Perhaps that's why so many people avoid addressing it. Another reason may be a bit more subconscious--the avoidance of future, indeterminable events, in favor of present-day issues with more certainty.You are probably aware that many Americans are vastly under-insured. Home and auto insurance are important, and most people have that covered. What I am referring to, more appropriately, is your (1) life insurance,...(related: Insurance)
Eleven Money-saving Auto Insurance Tips For Senior Drivers
Following a few simple tips and taking these measures will ensure that you are getting the lowest rates possible on your auto insurance policy.1. Avoid more Accidents, Pay Close Attention at Intersections. Auto accidents involving seniors often occur at intersections. Make sure to look ahead if you plan to quickly change lanes after an intersection. Pay attention to protected left turn lanes with their own arrows, and always keep your tires pointed straight ahead when stopped, so that a rear-end accident doesn't push you into oncoming traffic.2. Follow the flow of traffic, Drive at the at or near the speed limit. Driving too slowly can be just as dangerous as speeding, especially when entering or exiting interstates or freeways. It can also trigger dangerous "road rage" in less pat...(related: Insurance)
Seven Steps To Filing Your Car Insurance Claim
Having even a teeny-tiny car accident can be one of life's least enjoyable moments. However, accidents happen, and sooner or later, we all have the experience of meeting one of our fellow road travelers up close and personal. Using the following seven steps to filing your claim will help you get over this speed bump as smoothly as possible.Step 1: Understand your policyBefore a loss, sit down and carefully read your insurance policy. Call your agent or company if you have any questions about what is or is not covered.Step 2: Exchange informationIf you are involved in an accident, get the other driver's name, address, phone number, insurance carrier, and insurer's phone number. Be prepared to give the same informatio...(related: Insurance)
General Knowledge - Critical Illness Insurance
Critical illness can happen to anyone, and often does. If you are diagnosed with a critical illness, recovery should be your first concern. Having Critical Illness Insurance will allow you to focus on your health, because it can take the stress of worry about mone...(related: Insurance)
Japanese Overseas Travel Insurance
If you are an expatriate planning on long-term residence in Japan you can, after a one-year stay, become a part of Japan's national health program. Until that time, however, you're going to need Japanese overseas travel insurance.Some of the Japanese overseas trav...(related: Insurance)
Car Insurance Quotes Online ? Why You Should Use The Internet To Find A New Insurance Company
Before the internet, you picked a neighborhood car insurance agent, and you stayed with the insurance company for years. Now car and truck drivers are finding reasons to shop online for their car insurance company. Saving hundreds off their premiums from the convenience of their home are just a couple of reasons.Lower Premium QuotesSaving money is the biggest reason drivers are turning online to find car insurance quotes. By comparing the same service from several different insurance companies on one website, drivers can quickly find low cost quotes. The internet i...(related: Insurance)
Life Insurance, The Universe, And Everything
You may have noticed that life insurance is coming back into fashion. It's true that it may not be the financial term on everybody's lips, but sales of life insurance have been going up, according to the Association of British Insurers. Whilst we may not be saving the...(related: Insurance)