Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Types of business insurance for a small business by Floyd Arthur PPT

418 views

Published on

Types of business insurance for a small business by Floyd Arthur PPT
http://carmoongroup.com

Published in: Business
  • Be the first to comment

  • Be the first to like this

Types of business insurance for a small business by Floyd Arthur PPT

  1. 1. Types of Business Insurance for a Small Business By Floyd Arthur
  2. 2. If you are just starting a small business, you probably know that you need business
  3. 3. insurance to protect yourself from financial risk. But with so many different business
  4. 4. insurance products available, you may be having some difficulty deciding what type of
  5. 5. business insurance is essential and which you can forgo, at least for a while.
  6. 6. Types of business insurance for small business
  7. 7. To make the decision a little easier, here’s a helpful guide to the most common types of
  8. 8. business insurance for small businesses and the protections they offer.
  9. 9. Commercial General Liability Insurance
  10. 10. Also called CGL insurance, this type of business insurance policy protects you in the
  11. 11. event another party is injured as a result of your or an employee’s negligence. Typically,
  12. 12. CGL policies cover:
  13. 13. * Bodily injury
  14. 14. * Accidental property damage
  15. 15. * Medical expenses
  16. 16. * Libel and slander
  17. 17. * Costs associated with defending lawsuits
  18. 18. * Settlement costs and judgements
  19. 19. Commercial Property Insurance
  20. 20. Commercial property insurance is business insurance that covers property damage due
  21. 21. to a variety of “covered events.” These usually include damage due to fire and smoke,
  22. 22. water and wind, vandalism and the like.
  23. 23. Business insurance policies differ in how they define “property,” but most cover damage to:
  24. 24. * Physical premises,
  25. 25. * Business equipment and furnishings
  26. 26. * Inventory
  27. 27. * Company papers
  28. 28. * Cash
  29. 29. Digital assets are usually not covered, so it’s a good idea to store a backup of all digital
  30. 30. property either off site or online. Keep a copy of passwords, account numbers, and other
  31. 31. important records off site as well.
  32. 32. Business Interruption Insurance
  33. 33. Business interruption insurance helps keep your company going in the event your
  34. 34. operations are temporarily interrupted by a covered event. If, for example, your office is
  35. 35. rendered unusable due to a fire or weather event, the policy will pay for you to set up
  36. 36. shop somewhere else for a specified period of time.
  37. 37. Business interruption policies typically cover:
  38. 38. * Relocation costs
  39. 39. * Lost income
  40. 40. * Payroll expenses for employees who continue to work
  41. 41. * Operational expenses that continue even though operations are temporarily suspended
  42. 42. (for example, utility bills.)
  43. 43. Business interruption insurance generally mirrors your property and casualty policy.
  44. 44. Thus, if your commercial property insurance does not provide coverage for damage due
  45. 45. to floods, your business interruption insurance will exclude this coverage as well.
  46. 46. Product Liability Insurance
  47. 47. Product liability insurance protects you in the event a product you manufacture or sell is
  48. 48. defective and causes harm. Examples of product liability claims include:
  49. 49. occur when the design of the product renders it dangerous or useless.
  50. 50. * Manufacturing defects -- These are unintended defects that occur when a product varies
  51. 51. from the intended design and dangerous as a result
  52. 52. * Failure to warn -- This occurs when a product is inherently dangerous but is not properly
  53. 53. marked with warning labels or instructions for care.
  54. 54. In most states, any party involved in the supply chain for a defective product, including
  55. 55. the manufacturer, distributor, wholesaler and retail supplier, may be held legally liable
  56. 56. for damages under a product liability claim.
  57. 57. Professional Liability Insurance
  58. 58. Professional liability insurance, protects professional service providers against claims of
  59. 59. negligence, bad faith, misrepresentation, unethical business practices and giving
  60. 60. unsound advice. Also called errors and omissions coverage, it is important coverage for
  61. 61. businesses such as:
  62. 62. * Realtors
  63. 63. * Attorneys
  64. 64. * Insurance professionals
  65. 65. * Financial consultants
  66. 66. * Estate planners
  67. 67. * Physicians (medical malpractice insurance)
  68. 68. To ensure that your small business has the optimal business insurance coverage, consult
  69. 69. an insurance professional at Carmoon Ltd. today. We are available Monday through
  70. 70. Friday from 9 a.m. to 6 p.m. at 516-292-3780, so call us to set up an appointment to
  71. 71. discuss your business insurance needs today. Or if you prefer, request a free
  72. 72. consultation online and we will get back to you right away.
  73. 73. Visit www.Carmoongroup.com Now!

×