EASY BUSINESS INSURANCE:

What is Business Insurance?

You will not find a successful business that doesn't carry business insurance. In today's society, it is absolutely mandatory to carry some form of it, regardless of size or location. It doesn't matter if you're performing out of your basement, or if you're a large corporation in a high-rise building. The range of business insurance coverage is huge, with issues from lawsuits to disgruntled employees. Everyday practices can backfire with enough force to cause a disabling blow to the company. Case in point: You send an employee, in his or her own vehicle, to make some deliveries at a post office down the street. In route, they are involved in an accident. Guess where the finger may, and often times points? If an incident occurs, and they are covered by auto insurance, the best coverage you get is equivalent to their range of coverage. If they do not carry any auto insurance, then it can be a world of hurt for the employer.

Some business owners learn the hard way that they didn't buy enough coverage. Remembering to consider certain pieces of your business property when purchasing an insurance policy is vital to keeping your doors open.

Your business may not possess all the following types of property, but you can use this quick reference list to make sure you have thought of all property categories and any insurance coverage that may be warranted for your business:

* Buildings and other structures (owned or leased).

* Furniture, equipment and supplies

* Money and securities

* Accounts receivable records

* Improvements and betterments you made to the premise

* Boilers and machinery

* Data processing equipment and media (including computers)

* Valuable papers, books and documents

* Mobile property such as automobiles, trucks and construction equipment

* Satellite dishes

* Signs, fences and other outdoor property not attached to a building

* Intangible property (good will, trademark, etc.)

* Leased equipment

What About a Family Business?

When 50 percent or more of a business is owned by individuals who are members of the decedents family, or if they are natural objects of his or her bounty, the buy-sell agreement will be disregarded for federal estate tax purposes, unless the agreement (1) has a bona fide business purpose, (2) is not a testamentary device to transfer property to family members for less that fair market value, and (3) has terms comparable to those entered into by parties in an arms' length transaction

Do i need professional liability insurance?

Professionals that operate their own businesses need professional liability insurance in addition to an in-home business or businessowners policy. This protects them against financial losses from lawsuits filed against them by their clients.

Professionals are expected to have extensive technical knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. When liability is limited to acts of negligence, professional liability insurance may be called "errors and omissions" liability.

Professional liability insurance is a specialty coverage. Professional liability coverage is not provided under homeowners endorsements, in-home business policies or businessowners policies (BOPs).