Gaizer.com Tips for Business Start-ups

Insurance can cover a variety of catastrophes including natural disasters, fire and theft. Providing good health coverage for your employees can help you retain them. However, these are not the only types of insurance available. You may be required to carry life, business interruption, or auto insurance depending on the nature of your business. Other types of insurance cover business liability or damage to your inventory.

Banks, investors, and other lenders may require a business owner to have good insurance coverage before processing a loan; this minimizes their risk of losing their investment. Investors and partners may also require a business to have a “key man” insurance policy—life insurance on the owner or crucial employees—so the business can survive in the event something happens to these people.

Types of Insurance:

General

• Property Insurance covers property loss from fire, smoke, theft, explosion, vandalism, and other disasters.
• Liability insurance protects your business in the event that your business activities cause harm to a person
• Crime Insurance protects against burglaries, robberies, and employee theft.
• Auto Insurance protects against injury and the cost of repairing your vehicle.
• Business Interruption Insurance protects against the loss of projected earnings due to a temporary shutdown of the business.
• General Liability Insurance covers legal liabilities from accidents and other injuries dealing with your business, with the exception of a work-related injury.
• Health Insurance protects the owner of the business in case of illness by providing payment for medical expenses.
• Business Life Insurance covers against the death of a key participant in the business such as the owner or partner.
• Disability Insurance covers you in the event you become disabled and cannot work.

Employee Based

• Unemployment Insurance covers workers who become unemployed through no fault of their own.
• Employee Benefits includes life and health insurance as well as retirement planning for your employees.
• Workers’ Compensation and Disability Insurance covers an employee’s loss of income and medical expenses through job-related accidents.
• Employment Practices Liability provides employers protection against lawsuits regarding employee treatment, such as sexual harassment and discrimination.