With the recent worsening of the financial crisis, many small companies are being forcibly forced out of business. High insurance rates are the last thing every small business needs; most recently, as expenses are low and prices are at an all-time high. It is up to most small companies to not only find insurance in this kind of financial environment, but also to find the correct kind of plan that is right for them, one that is both cost-effective and offers adequate coverage. While every company is different, there are still some insurance policies that should be considered mandatory by most small companies:Do you want to learn more? Visit Business Insurance.
Property insurance: covering the loss or harm to a company’s workplace’s contents.
Liability Insurance: a scheme that offers compensation for any civil action brought against the company that has been incurred by the company or the staff’s negligence.
Workers’ Compensation: A scheme enforced by the state, with its own proposal for each particular state. In this form of arrangement, in return for employers participating in a scheme that covers any medical costs or expenses that an employee may incur in the workplace, an employee is stripped of their rights to sue their employer for any on-the-job accidents.
While these are the three key insurance policies that a small business should have in place, if they want to have the correct amount of small business insurance, there are several other forms of coverage that each business should obtain.
Commercial auto insurance is first and most significant. Many business owners have a popular misconception that their personal auto insurance would cover vehicles used by their company, even though they use the same vehicle that their personal auto coverage covers for commercial purposes. What they don’t know is that, simply because there is no description of the commercial uses of a car in a personal insurance plan, many personal auto insurance policies would restrict coverage for commercial uses of the vehicle. Commercial auto insurance will describe these definitions of the commercial use of vehicles and thereby provide the car that is used on-the-job with subsequent coverage. In this scenario, it can also be seen as a required investment for any up-and-coming company seeking to buy insurance for small businesses.
CONTACT INFO :
David Fryfogle – State Farm Insurance Agent
300 S 10th St., McConnelsville, OH 43756
Phone No. : (740) 962-5899