08/09/14 By Jennifer Brown

insuranceWhen you own a business, there are many liability issues that can arise. Mistakes happen; on-the-job injuries occur; employees, clients, and vendors may become dissatisfied; and poor decisions are made. Sometimes, you can do everything right and still be hit with a lawsuit, penalty, or claim! Consequently, it is critical that you have adequate insurance coverage.

Consult with a reputable business insurance provider who functions as a consultant to you and your business. Be sure to ask about:

•  Professional Liability and General Liability
•  Employment Practices and Liability
•  Workers’ Compensation
•  Errors and Omissions
•  Directors and Officers
•  Unemployment Insurance
•  Special Insurance related to your industry

Once you get your insurance, a couple of things to keep in mind are:

•  Review your policies yearly with your insurance provider to ensure your coverage limits are still applicable – your needs will change as your business grows and you add employees and new clients.
•  Know the terms of your insurance policies and claim reporting processes. For example, most states require that all on the-job injuries and accidents (no matter how small) be reported to Workers’ Compensation within 24 hours. In addition, there are strict time-frames associated with the unemployment reporting and appeal processes. Carefully review any notices you get from the Unemployment Office.

Getting the right insurance will help you to rest easy that, if there is a claim, you have the protections in place to efficiently mitigate the risks, handle the issue as cost-effectively and painlessly as possible, and keep your business going.


photo credit Stuart Miles via FreeDigitalPhotos.net