Business Insurance – Today’s Business Lifeboat

significant number on your cost of doing business column (on your profit and loss statement).

When looking at insurance you will be amazed as the amount of risks you are obliged to cover.

There are the obvious accidents or acts of nature risks, worker’s compensation, health and retirement plans, but then there are a host of other risks that can, and many should be insured.

It’s a maximum that all insurance is expensive if you don’t use it, but very cheap if you do.

The “Got To Have” Business Insurance Risks

Here is a list of basic insurance risks that every business should cover;

Fire, Theft, Water Damage, and Malicious Damage to your business location

All required worker insurance obligations, and for good worker relations, some perk insurance for employees, like some group private health plan, and retirement fund.

Product liability if you are producing a product

Transportation insurance for all your vehicles (full Casco advised)

Fidelity insurance if your employees handle money. This may be a really indispensable pre-paid asset to your business.

The “Nice to Have” Business Insurance Risks

Business interruption insurance

3rd Party Liability if you are producing a product for wide distribution

Litigation insurance