One of the Most Important Investments for Your Business

Posted by on Aug 17, 2016 in Insurance Advice

As a business owner, you’re well aware of all the burdens you carry and concerns that may keep you up at night. From cash-flow, to employee management, and achieving your revenue targets, you’ve got a lot on your plate. To keep you from going insane in the case of an unexpected emergency, it helps to have a safety net, which is exactly where commercial insurance comes into play. Whether you own a small business, work for a larger organization, or work as a professional consultant, having insurance for your business will help you sleep easier, and here are the reasons why. Choosing the Right Business Insurance

Small-Medium Sized Businesses

There are a number of different ways to classify a business’ size, the simplest being by number of employees.  For example, if you’re classifying your business size based on number of employees, anywhere from 1 to 99 employees would be considered small, 100-499 employees would be considered medium, and 500 or more employees would be considered large. Businesses that fit this categorization include retail operations, law offices, as well as business and personal services, just to name a few. Almost all of these categories should consider liability insurance, but depending on if the company owns their building and equipment, property insurance is a good option as well. General Liability Insurance is used in instances where protection is offered against specific circumstances, and paid to a third-party insurance claimant. This means the purchaser of the insurance isn’t getting paid, however someone who claims to have suffered as a result of the specific circumstances would receive the payment from the insurance company. When somebody makes a claim against a business that is covered by the business’ insurance policy, the insurance carrier then has the responsibility of defending the policy holder. This is extremely beneficial as the costs of legal defense can increase drastically when cases are taken to court, and can be more valuable than the insurance itself. As we’ve touched upon in the past when discussing the Types of Business Insurance, employer’s liability insurance is intended for all businesses that aren’t legally required to carry Worker’s Compensation. Employer’s Liability Insurance is also a good consideration for small-medium sized businesses as it can protect your company from claims by certain classes of employees who claim job-related injuries.

Organizations (Profit and Non-Profit)

For organizations, whether they be for profit or non-profit, the Directors & Officers must exercise due diligence in overseeing the management of the organization that they serve and must act in good faith and in the best interest of the organization. The organization and its Board Members could face lawsuits for allegations of financial mismanagement, employment practices claims (wrongful termination, failure to hire/promote, harassment and discrimination), and  resulting from governance decisions. As a director or officer, you can be held liable for the acts of the organization, and the right insurance policy can protect you from the risk of having your personal assets at stake.

Professional Liability Insurance

In other instances still, professional liability insurance might be more suited for your situation. For business professionals and companies that provide advice or services to clients, Professional Liability Insurance protects you in occurrences of “professional error” that result in a financial loss for your customers. This insurance will protect you during the often-times lengthy and expensive litigation that can result if a client holds you liable for their financial losses.

What Insurance Works Best for Your Business

The examples above are only a few of the many business insurance types available. There are a number of options for commercial insurance out there, all varying in the amount they can cover, and what events they protect you in. To make sure you’re getting the best coverage possible, make sure you’re working with a qualified insurance broker who will help you to build a custom-tailored insurance program for your business. Contact Oegema, Nicholson & Associates today to find out more.

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