Business- THE CHIEF STRATEGIST WAY!
This will week we’d take a quick look at three more types of insurance a business should take on. Hopefully by next week I’d wrap up on this and continue with the other aspect of your business plan.
So here they are:
Professional Liability also known as Errors & Omissions Insurance is a parallel to product liability insurance. This protects you financially in the case of a claim against you for negligence, errors, omissions, or wrongful acts in the performance of your duties. It includes coverage for malpractice, errors, and omissions.
So as an entrepreneur in medical, consultancy, accountancy, legal, Engineering, technical or other related field it is wise to effect this policy if the service you provide could inadvertently harm another person.
Commercial Motor Insurance – if you have cars, vans, or trucks used primarily for business, you have to take on a business auto policy.
Where you use your personal car in the course of your business and sometimes have customers in your car, you might be allowed to pay a little more for business use under your personal auto policy.
Where your employees use their own cars in the course of working for you, then may need to get a slightly varied auto insurance policy that provides coverage in case something happens when they are working for you.
In all, your auto policies covers physical damage to the car, but do not cover the contents of a car, so if you travel outside the office with valuables e.g computers, demo units, samples, etc. you need to ensure your property policy covers loss outside your business.
Its important also if other people will be driving your car for the business, that you include their names on your policy to ensure coverage in the case of an accident.
And finally for this week is Business Income Insurance/Extra Expense Insurance.
This is an EXTREMELY important add-on to property coverage, and is part of most BOPs.
So here, Business Income coverage will reimburse your business for revenues you lost during downtime caused by damage to or loss of your property while Extra Expense Insurance will reimburse you for expenses incurred to avoid or minimize the suspension of your business. So, for example, your building roof collapses after a heavy rain. The business income policy will pay for the income you lost while you could not occupy the building, while the extra expense policy will cover rent for a temporary office space while your building is being repaired.
Checking in with THE CHIEF STRATEGIST this morning at Ecclesiastes 10:10 Boulevard AMP Court, HE says to me to tell you:
” If the ax is dull and the man does not whet the edge, he must put forth more strength, but WISDOM helps him succeed”
Insurance isn’t a luxury or option for your business continuity, its CORE priority. LEVERAGE IT!
I’d see next BHG still on Insurance element in your Business Plan
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Truly Rewarding 2016 it is.
Have a Result Producing Week. Good morning!