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Attention Business Owners! Does your Business Insurance have these 5 Important Coverage’s?

Attention Business Owners! Does your Business Insurance have these 5 Important Coverage’s?

business 1As a business owner, you probably already have a Business Owner’s Policy (BOP) to provide protection for your property, Liability coverage for third parties, Workers Compensation for your employees, Auto coverage for business vehicles as well as health insurance.

There are some other coverage’s that you may be over looking to offer the optimum protection.

1. Business Interruption Coverage-What happens if your business experiences a catastrophe? In order to have the funds available to continue to run your business and to pay your employees during this time, you will want this coverage.

2. Employment Practices Liability Insurance-This coverage protects against employees making claims for discrimination, sexual harassment, wrongful termination, or some other alleged wrong. Having the funds to pay for damages resulting from such claims would come from carrying this coverage.

3. Errors and Omissions Coverage-This coverage protects from claims by clients that your business performed negligently or failed to do something they should not have done. This coverage is not limited to Doctors and Lawyers, just about anyone in business can obtain errors and omissions (E &O) coverage.

4. Personal Umbrella Policy-If you are a sole business owner or a general partner, be aware that your assets can be attached to any debt the business acquires. You will want extra protection for this and that can be offered with a Personal Umbrella.

5. Workers Compensation and Disability for Yourself-Most states do not require this coverage for business owners and partners. New York State does not, but it does require a Corporation to cover employees Workers Compensation and Disability. This gives you an added measure of protection if you are injured on the job.

This is a brief overview of some additional business coverage’s that you should be carrying. If these coverage’s have not been discussed with you when setting up your current policy, this is probably a good time to review your coverage.

C.H. Edwards, Inc. has experienced and knowledgeable specialists in the area of Commercial Insurance that can assist you in creating a policy that best fits the needs of your business. Give us a call today at 516-249-5200, and put the future of your business in our hands!

Written by: Denise Visco

 

Restaurant Owners Have Unique Needs!

Restaurant Owners Have Unique Needs!

Restaurant Blog Good!!

 

Do you own a restaurant or has it always been your dream to open a restaurant? Insuring your dream may not be high on your list of priorities, but should be. Protecting your livelihood is the job of an experienced insurance agent. Restaurant owners have very unique needs.

Here are some things to consider:

Although any location can be a restaurant, your insurance premium can be significantly impacted by factors that are near or adjacent to the location. For example, Waterfront locations are beautiful but are more difficult to insure due to the risk of flood and wind. Proximity to dangerous exposures, such as manufacturing or hazardous materials handling are just some of the examples of situation to avoid when choosing the ideal location.

Be aware of the obvious liquor liability, constantly changing property limits, food spoilage coverage, equipment and boiler equipment breakdown, employers liability (including workers compensation and disability) are just some of the additional areas owners should educate themselves about.

An independent insurance agent can help access, diagnose and offer invaluable advice on how to cover these exposures. You wouldn’t let an insurance agent cook in your dinner, so why are you acting without the counsel of an insurance professional.

C.H. Edwards, Inc. is an Independent Insurance Agent that has been in business since 1925 representing over 2,000 individual and business concerns in the New York Tri-State area. With a combined over 100 years of experience we have the tools to help you succeed.

For more information and a no obligation quote, feel free to call one of our knowledgeable specialists at 516-249-5200 or visit our website at www.chedwards.net.