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Business Insurance
Checklist
Every business needs
insurance. The types of insurance coverage you need and the amounts of
coverage will vary depending on the type of business, size of business
and the amount of risk the business is willing to assume. If your business
provides personal services or if you are operating the business without
a corporate structure, you must consider your personal risks as well.
You may want to work with an insurance professional to make sure you have
the protection you need.
Here are seven types
of insurance you may want to consider.
You may want to print
this page (or click here to download the pdf
file) to record your information.
Health insurance
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Issues
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Notes
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| Providing
a health insurance program can be very attractive for employees and
business owners, but can be expensive. To contain costs, consider
sharing the cost with employees and choosing levels of deductibles
and co-pays that result in lower costs. |
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Type of plan
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Coverage
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Deductibles
and co-pays
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Sharing of costs
with employees
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Costs
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Source of policy
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Property insurance
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Issues
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Notes
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| Business
equipment should be insured against damage and theft. |
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| Equipment
covered - Be sure to have a list of equipment with costs, values and
identification information. |
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Deductibles
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Costs
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Source of policy
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Business interruption
insurance
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Issues
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Notes
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| If
your business was displaced because of a fire, flood or other disaster,
you would need to re-establish the business in another location. Business
interruption insurance could provide the funds needed. Temporary space,
equipment and supplies could be covered by a policy of this type. |
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| Draw
up a list of what would be required in case of an emergency. |
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| Depending
on the extent of your needs, a policy of this type may not be too
expensive. |
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Costs
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Source of policy
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Liability insurance
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Issues
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Notes
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| Claims
due to employee actions or negligence can be significant, especially
in an age of increasing jury awards. |
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| Some
coverage may be provided through other types of policies, but you
should discuss your coverage with an insurance professional. |
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Deductibles
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Costs
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Source of policy
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Workers' compensation
insurance
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Issues
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Notes
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| This
insurance provides coverage for medical and related costs for accidental
injuries suffered by employees in performing their duties. |
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| The
amount of coverage required varies by state. |
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| Discuss
your needs with an insurance professional |
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Costs
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Source of policy
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Auto insurance
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Issues
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Notes
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| Using
an auto in your business, even a personal one, may require a commercial
auto insurance policy. Speak with an insurance professional to determine
the requirements of your business. |
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Deductibles
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Costs
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Source of policy
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Umbrella insurance
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Issues
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Notes
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| Umbrella
insurance policies fill gaps that may exist with other policies and
provide additional coverage beyond those of those policies. |
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| The
costs are usually relatively low and policies are offered by many
insurance companies. Some professional organizations also offer these
policies. |
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Costs
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Source of policy
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