BUSINESS INSURANCE

The types of business insurance certainly depends on the nature of the business.  To best determine your business insurance requirements, please consult an insurance agent and/or insurance broker.  Below offers various examples of business insurances.

General Business Insurance (Liability)
General liability covers negligence causing injury to clients, employees, and the general public.

• Resulting from bodily injury or damage to property of others.
• Any emergency, medical, and surgical costs incurred from an accident.
• Legal expenses including investigations, your defense, settlement, trial.

Product Liability
Product liability protects you against a lawsuit by a customer who purchased or used your product and, by doing so, received bodily injury or damages to their property.

Automobile Liability
Automobile liability protects other's property, other autos, persons in other vehicles, and persons in the insured automobile. If you use your automobile for business use, then you should inform your insurance company. If an accident occurs, during business hours, problems may occur.

Fire & Theft Liability
Fire and theft liability may protect assets such as inventory, equipment, supplies, etc...

Business Interruption Insurance
This type of insurance is designed to cover the period between the time of the loss and the return to normal operating conditions. The policy may also include rental of additional office space. If your premise or files were destroyed in a fire, for instance, you may lose revenue in the form of accounts receivable. At the same time, you will need to pay your expenses generated through your creditors. This coverage generally allows you to do so.

Personal Disability Insurance
Personal disability insurance is designed to assist you and your company, if for some reason, you become permanently or partially disabled.

Key Person Insurance
Key Person insurance is designed to "protect" the business in the case of a key person's death. A revenue reductions may result if a key person in your organization dies, for instance. Also, inquire on shareholder's or partner's insurance.

Business Loan Insurance
Many financial institutions will provide an option of insurance on your outstanding business loans. In the event of your death, the outstanding balance of your business loans will be paid in full.

Worker's Compensation Insurance
Worker's Compensation Insurance generally coverages all costs that an employer is required to pay for any injury to his/her employee. Worker's Compensation has recently been reformed, therefore, it would be beneficial to contact them for their revised policies and procedures.

OTHER INSURANCES YOU MAY CONSIDER:

• Term Life Insurance
• Medical Insurance
• Group Insurance
• Shareholders' or Partner's Insurance
• Overhead Expense Insurance
• Malpractice Insurance
• Errors and Omissions Insurance
• Crime Insurance
• Personal Insurance
• Glass Insurance
• Maine Insurance
• Others - directly relating to your business

HINTS:
Develop an insurance strategy for yourself and business by consulting various insurance companies. Be Careful - you don't want to be under or over covered.