Insurance policy coverage for companies
The purpose of
insurance policies for companies is to transfer a risk that you can pay (for example, the payment of a premium without a guarantee of return) to the coverage of a risk that you could not afford.
Which owner does your company not secure against fire?
In addition to your lawyer and your accountant, another professional you should include in the process of opening your business is an insurance agent. It may be helpful to have an agent handle all of your
insurance-related issues. There are insurance policies for companies specially designed to provide coverage that in a single package meet the needs of insurance.
Insurance will not be important only to you inside your company, but to your other business relationships. For example, if you decide to rent an office space, the landlord will usually ask you for a certificate of insurance or to appear as an additional insured in your policy as security that your business does not disappear overnight in the event of an accident.
Some of the risks for which you should be protected are:
Insurance against damage to material property of the company
This insurance must include wide coverage to protect it from a variety of losses. Your policy must include:
O Buildings: This coverage will be necessary if you own the property where your business is. In case of renting the premises, the right thing would be for your landlord to provide this
insurance.
or the material goods of the business include their tables, desks, chairs and equipment. Also, it would be nice to include the improvements made to the local. An example would be a division of areas, a showcase or a custom-made counter that is part of your reception area to customers.
or loss of income.
or earthquakes.
Or flooding (may be available or unavailable).
Keep in mind that a full coverage policy can be structured to cover all your equipment, including hardware and computer software, in addition to your value records. A properly drafted policy includes loss of income that could result from paralyses, as well as loss of income from other risks that may temporarily disrupt your operations.
Civil Liability Insurance
A general Liability coverage policy (CGL) is made to provide coverage to third parties for the following:
or personal injury and publicity
or legal liability for fire, which is often compulsory if you rent the premises. This protects you in the event your negligence results in damage or loss to the landlord's property. For example, you mistakenly leave an electric heater on when you go home at the end of the day. During the night, there is a short circuit and a fire is provoked in which the fire and the smoke damage the building of its lessor. In this case, the negligent act of leaving the heat on caused the damage. This is where the fire legal liability insurance comes in protecting your investment.
or Products and operations completed.
or medical expenses or payments.
or general responsibility for their facilities. The best way to illustrate this is the risk of "tripping over the torn carpet, hurting".
Occasionally, some policies exclude "products and operations completed" and/or "personal injury and advertising" depending on the company's turnaround. In such cases, you may seek a policy of professional responsibility, negligence or errors and omissions that may end in legal lawsuits against your company. This applies even more to professions that are subject to a high level of care and quality standards, such as lawyers, engineering consultants, insurance agents, realtors, doctors and dentists.
Work Accident Insurance
If your business has employees,
insurance against work accidents will be compulsory. Companies that just started normally find that the state compensation fund is sufficient. As the business grows, you can look for different options and compare prices for that coverage. In addition, some insurance policies for companies in industrial accidents offer additional services such as risk management and loss control that could benefit your company. These services are usually very useful in reducing long-term claims costs. Do not confuse risk management with your involvement in it. The insurance company must assume 100% of an employee's compensation for work-related accidents.
Other insurance
or auto insurance for the company's vehicles. (civil liability, total coverage, accidents and uninsured motorists or low coverage).
Or health insurance plans tailored to your business. This coverage will give you an advantage when recruiting good employees.
Or here's a type of insurance you never think of: insurance for when you're not – and when you know and control everything, it's a good idea to have a guide for employees to know what to do, who to call and where to find the information you need to keep the Consistency in your business if you are missing.
Surplus Supplementary Insurance
It is the limits of liability available above the maximum limit that your insurer can offer you. You can access them in two ways:
In general, additional coverage for unhedged risks may be added at an additional cost to the original policy based on "amounts" of USD 600,000 to USD 1 million, sometimes up to 4 million dollars.
To acquire what is called a "wide-coverage commercial insurance", which provides additional coverage and more, to most basic policies, including commercial policies,
Always remember that: the insurance policies for companies you have chosen may offer lower limits, which is attractive from the point of view of the premiums to be paid. However, a smart businessman must contemplate liability limits of at least 1 million of dollars. The extra cost is usually reasonable and convenient if we consider the business environment so
contentious today.
Example: You, the owner of the business, suffers a traffic accident in which it is determined that it was your fault. In addition, due to the accident the affected person is paraplegic. This type of claim may result in a multi-million dollar ruling against it.
Work Practices Liability Insurance
Work practices liability insurance constitutes a coverage that is becoming increasingly common among companies, with premiums exceeding $3.000 per year for $2 million coverage. Even though this type of insurance is not common in small businesses, the threat of unjustified dismissal or sexual harassment lawsuits, which are normally excluded in business policies, increases as the company grows.
Life insurance
As mentioned above, if you have a partner, your purchase-sale agreement may be financed by life insurance in the event of a member's death. The amount of this
insurance can increase as your company grows.
Suggested activities:
Before you start operations, collect referrals and recommendations from attorneys, accountants, and insurance agents so that you can choose the most-indicated professional advisors with much anticipation at the time you need them. It is likely that you will initially answer your questions for free when you see that you are considering joining your team of professionals.
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