ARE YOU COVERED ?

Make Sure You are

Insured Properly

It’s one of those things everyone hates to deal with – and especially pay for, but has become essential to both personal and business survival.

All it takes is the necessity to make one claim and suddenly you are thankful that you had the foresight to have it, and it sure seems worth the money you paid into it.

Most people are more likely to cover their insurance bases on a personal level – life, disability, critical illness, home, mortgage – these are the insurances that people find essential. When it comes to small business, owners try to cut costs.

Author and insurance expert, Marily Katz says, ‘Many people who study small business report that 80 % of small businesses do not carry enough insurance to protect themselves.

‘One mishap can be a disaster to an underinsured business, and can ruin, or set back all the hard work that has been put in to develop, grow, and maintain the venture’.

If you haven’t reviewed your business insurance coverage in a while, there’s no time like the present to make sure you are properly insured. Here are a few pointers to consider:-

If you own the building your business operates out of, check to make sure you have enough replacement coverage to put up a new building if it is damaged or destroyed in a fire or other natural disaster.

Also, check to see exactly what is covered in your area. Many people do not realize until it’s too late that certain natural disasters are not covered under their regular property insurance. On the west coast, for example, earthquake insurance is required on top of regular home insurance. If you don’t have it, you are simply not covered in the event of an earthquake.

Similarly, in areas that are prone to flooding, flood insurance must be purchased in addition to home insurance.

Never make assumptions – read the fine print. Without adequate insurance to cover your building, you’d find it very difficult to recover.

Do you know if you are covered if someone sustains an injury while on your property ? Or what coverage you require if you are renting a facility ? Do you know what kind of coverage you have if one or your employees is injured on the job ? Do you know and understand the liability issues that are part of the type of work that you do ? It will be different for every industry, but certainly worth your while to investigate.

If you are not protected adequately, a liability claim could ruin your business and have an impact on your personal assets and finances, as well. Find answers to these questions from a business insurance professional.

This includes basic benefits as well as things like critical illness and disability insurance. If you had a serious injury that took you out of the picture for six months or more, could you survive financially ?

Could your business survive without you ? What if you got cancer and had to undergo chemotherapy or radiation treatments ? Or if you suffered from an autoimmune disorder or fibromyalgia ?

No one likes to think about this, but none of us is immune and assuming it will never happen to you is foolish. Critical illness and disability insurance is perhaps even more important than basic health and dental because it affects your ability to earn long term.

An extended illness could be the end of your business if you are not covered. If you’ve assumed that you cannot get insurance like this that is affordable for your small business, check out your local Chamber of Commerce. If you are not a member, you should be – and they often offer group benefits with your membership that you could not afford on your own.

There may also be benefits offerings through industry associations. Check out where you might find an affordable plan that protects you in the event you (and your employees) find yourselves in a position where your health is challenged and you are unable to work.

This is one that is often overlooked. If you are in an industry where your professional services could result in litigation from dissatisfied or damaged customers, this is an absolute must. E&O Insurance protects you from someone suing for damages as a result of your personal advice or service.

Your business is too important to your future for you to be underinsured. Find an insurance specialist you really trust and go through everything you currently have.

Determine what your needs are, and come up with a plan that ensures you are properly insured. You may be grudgingly looking at that bill every month while you are paying your premiums, but all it takes is that one claim to make you grateful you were covered.