Business Plan & Insurance Element

business the chief strategist's way!

#InsuringYourBusiness

Business- THE CHIEF STRATEGIST WAY!

I apologise for the three weeks break. Schedules could be extremely demanding sometimes beyond control.
Thank you for your understanding.

Right! because of the importance of Insurance to your business, this week we’d focus on Insurance and ways you can leverage it for your business.

In planning your business, insurance is a key element you have to budget for. Not having the appropriate insurance for your business particularly as an SMEs is risking shutting down your business should a disaster occur.

Here are some coverage to (must) consider for your business. Depending on the nature of your business and objectives.

1. A standard business owner’s policy (BOP). This provides coverage for property (fire, theft, wind etc.), liability (injury of someone in your business or by your product), business interruption, and, in some cases, workers’ compensation.
Understand that the components of each BOP are different, so make sure that your policy contains all the components your business requires.

2. General Liability  This will provide coverage for injury to another person or damage to a person’s property for which you are legally responsible.  This type of insurance will cover your business in case of bodily injury to someone or damage to someone’s property that occurs on your premises. For instance, this type of insurance would cover you should a client trip over a loose phone cord in your conference room and breaks a leg. Similarly, if you were to accidentally knock over and break an expensive antique at a client’s premises, your general liability policy would reimburse the client for the damaged property.

3. Property Insurance. This provides coverage to your business for loss or damage (such as fire or vandalism) to your property. Most business owner’s policies include property insurance. Business property coverage typically falls into two categories: building and personal property: Building – This coverage protects you should something happen to your building. Be sure to analyze your policy to see exactly what it includes – these policies typically cover damage caused by fire, lightning, wind, vandalism. earthquakes, hurricanes and even general wear and tear are often excluded.

Hope that you now have an idea and appreciate why insurance is a core element to consider in your business budget and plan. Yes?

Checking in at Genesis 8:22 lounge Risk and Business Conference this morning the prompter shows:

” While the earth remains, Seedtime and harvest, Cold and heat, Winter and summer, And day and night Shall not cease”

I’d see you next week BHG explaining briefly other coverage you should be considering for your business.

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People | Insurance | Sustainable Value
Truly Rewarding 2016 it is.
Have an Impactful Week. Good morning!

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