"Entrepreneurs are not insured enough. They underestimate the value of their assets or they do not have adequate coverage. In case of a glitch, the company can go through it. "
To negotiate affordable insurance, tailor-made for you and your business, it’s better to hire a broker who is known for his expertise with entrepreneurs.
These are the main types of insurance that entrepreneurs should be interested in.
Most entrepreneurs take out life insurance, but they neglect disability insurance. However, during one’s working life, it is much more likely to be affected by a disability than to die prematurely.
These are personal insurance policies that are not offered by any commercial insurance broker. Before dealing with a broker, ask him if he deals with personal insurance as much as commercial insurance.
Property and Liability Insurance –
These are two types of insurance combined into one – property and general liability insurance. To give them a commercial loan, banks often require companies to buy this type of cover.
Property insurance covers corporate assets such as buildings, inventory, equipment, equipment and furniture.
General liability insurance
covers injuries and property damage due to the negligence of the company on its premises, or involving an employee. It also covers damage suffered by a consumer because of a product or faulty work.
Business interruption insurance – If a fire or other disaster forces your business to temporarily stop operating, business interruption insurance covers lost income.
Combined Commercial Business
Insurance – Sometimes referred to as the “Contractor’s Policy”, Combined Commercial Insurance is a custom-designed product that can include a range of coverages – for example, property and casualty insurance, business interruption and additional insurance for “goods in transit” (products to be shipped).