Minimum Insurance For Your Small Business

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November 11, 2004 by Dane Carlson | 0 Comments

ABC’s of Small Business:

Business property has two types of policies: building coverage and contents coverage. Business building coverage covers the structure of your place of business and includes the building, permanently installed equipment and fixtures. Contents coverage includes all property located in the building and used in your business. It may include property that you use at other locations if you are doing work there. If you lease your property, it will include coverage on improvements that you have made to the property but it will not insure the building itself. Pay special attention to whether your computers are covered. You may wish to buy a policy that covers not only the value of the computers but also covers getting data and software replaced in case of loss. How much coverage do you need? You should have enough insurance to replace the property so that you can get back into business.

General liability coverage will pay for damage and injuries to your customers, tenants, delivery people and any others who might be hurt or have their property damaged while at your business. These could include injury, accident, defective products and other claims such as libel and false advertising. Make sure that you have at least a million dollars worth of liability coverage and make certain that your legal defense costs are included in the policy.