From ezinsurance.com.au:

Protecting your business with the right insurance is critical to its survival. Is your business covered properly? Meeting the insurance needs of your business is one of the most important steps you can take to protect your financial interests in your business. In fact, this is one of the first things you should set up when you begin to put things into action. Insurance policies are designed for many purposes, not the least of which is to protect the assets of a business.

When signing up for business insurance, consider each of the following facets to ensure that your business is properly covered. Sign up for a policy that covers the current replacement cost of the building for your business if you own it. In some cases, changes in zoning and building codes might affect new construction, so consider these factors as well.

Additionally, consider the replacement costs for tools, equipment, fixtures, finished products, supplies, and furniture when arranging for insurance. If you had to replace these items without the benefit of insurance, it could ruin you financially. In fact, if your business has fluctuating periods of activity, calculate the value of your inventory during peak periods and so that you can maintain sufficient coverage. Insure all of your contents in the overall estimate of value.

Since some policies have special conditions relating to electronic equipment, ask questions about your coverage. Do you have coverage in place not only to replace your equipment, but also, for loss of production resulting from electrical, mechanical, or pressure breakdowns?

Do you need special coverage for computers? Are the company vehicles covered? If you own the business building and you maintain the landscaping and outdoor upkeep, is the necessary equipment covered?

Have you considered the ramifications of a natural disaster such as flooding or an earthquake? Are you covered for lost income? Are you covered for the cost of getting the business back up and running? Have you asked about the coverage of a commercial umbrella liability policy to protect your business during catastrophic events and the subsequent losses that your business might experience?

Have you considered protecting your business against potential lawsuits and the resultant court costs, attorney fees, and settlement? Have you also covered any key personnel including company managers and directors against lawsuits?

Have you considered protecting the families of your employees, especially your key personnel, with life insurance policies?

Periodically, you should review the insurance coverage on your business and make necessary changes. For example, if you have recently installed any new upgrades in equipment, machinery, or inventory they should be covered in your policy. Have you added coverage for any new additions and improvements to the structure?

Discuss your insurance needs with your insurance agent. Typically, they have checklists that can help you to determine whether your business is sufficiently covered. Secure your insurance policy in a protected spot such as the company safe, a safety deposit box, or a fireproof filing cabinet.

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Tags: Business, Insurance

This entry was posted on Sunday, August 16th, 2009 at 6:00 pm and is filed under Finance, Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.