Answering A Couple Of Insurance Questions Business Owners May Have
Managing your business will require you to make a number of critical decisions involving marketing, hiring employees and retaining clients. Unfortunately, it can be easy to overlook the importance of insuring your enterprise against the various risks that it may encounter. To help you make informed choices when it comes to your insurance, you might need to have the following questions answered.
Isn't A General Liability Policy Sufficient?
There are some business leaders that may make the mistake of choosing to only carry a liability policy for their company's property. However, there can be a number of other ways that your company be exposed to legal liabilities. For example, if you provide clients with consulting or other professional services, you may want to carry an errors and omissions policy. This insurance is designed to protect you from the damages your clients may suffer if you make an error or oversight. Additionally, if your company will be selling products, it may be wise to invest in a product liability policy. These policies will protect you from lawsuits stemming from either faulty design, labeling or manufacturing. To help you determine which types of insurance you should carry, you may want to consult with your enterprise's attorney as they will have a detailed understanding about the various legal liabilities you need to mitigate.
How Can You Reduce The Cost Of Your Business's Insurance Premiums?
Not surprisingly, your monthly insurance premiums can be a major expense for your small- or medium-sized business. However, there are some relatively simple ways that you may be able to reduce the cost of these expenses. Depending on the insurance provider, it may be possible to bundle your enterprise's various policies into a single plan which may help you to both simplify your billing and take advantage of some discounts. Also, there are many providers that offer discounts to individuals that make security enhancing upgrades to their enterprises. These upgrades may include alarm systems, safes and shatter resistant glass. You should consult with your insurance agent prior to making these changes so that you know which upgrades will qualify you for discounts.
Making sure that your company is protected against legal liabilities is an essential aspect of owning an enterprise. Yet, insurance can be extremely complicated, and making sure that you understand the need for professional and product liability coverage as well as some of the ways you can reduce the costs of your various policies will help you to get the most from this coverage. For more information, visit a site like http://www.dki-ins.com.
Share