Choose the RIGHT coverage for your business
Why settle for generic coverage when you can get the RIGHT coverage for your business? Here are some tips to help you do just that.
Property:
Building- Have your insurance agent calculate the replacement cost of your building. Your agent should have very precise up to date software that can calculate how much money you will need to replace your building at todays cost of labor and materials. Don't get confused with what your building is worth "market value". In most cases insureds are going to want to start their business up again and they are going to need to rebuild the building. Replacement cost ensures you that you will have enough money to rebuild.
Business Personal Property- Get an up to date value of your inventory and your business personal property. Make sure you value your contents at replacement cost. Also, additions and alterations to the building might be included in your business personal property coverage if you do not own the building.
Loss of Income coverage- Make sure your agent assists you in determining what is covered under loss of income coverage. This coverage typically covers your actual loss of income less expenses. It can also cover you for payroll to your employees and extra expenses, such as renting a temporary place, moving expenses, & storage.
Liability:
Make sure you give a complete description of all the business's operations. It is critical that they have a full understanding of what your business does so that they can include all exposures that you have. A typical example would be - A Landscape contractor in the winter months does some snow plowing. The snow plowing may or may not be covered under the landscape policy.