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Business Insurance - And What You Need To Know


Getting your business up and running is exciting, challengingand hard work. You're finally making money - and you are thedriving force that is making your business grow. But have you taken care of the "What ifs". Like - "What if I get sick, how do I pay my bills" or "What if I have a fire, how do I keep my business running". Simply put, the one thing you do not want is to have the business that you have labored so tirelessly on, hit a financial snag.

If you are a sole proprietor or a partnership - both yourbusiness and personal liabilities are at risk. Do you thinkyou're safe if you incorporate or have an LLC? Manyare misled into believing this is so, however, you too canbecome personally liable if you sign a personal guarantee ona loan, personally injure someone or act irresponsibility. Asyou will see, owning business liability insurance can anddoes protects your business and personal life from financiaruin. My discussion here will be limited to Business Interruption,Overhead, Umbrella Liability and Liability Insurance - explaining what these four types of insurance are, and what they can offer you and your business.

Business Interruption Insurance

Business Interruption Insurance helps to insure against anyeconomic losses that you may encounter if something shouldhappen to close down your business. For example, you havea fire in your corner of the house - your business office.Your home is covered for property damage - thus, the rebuilding is covered, however, what about the lose income you're losing while you rebuild? That's where Business Interruption Insurance can come in to play.

Overhead Insurance

There is one type of business insurance that you may want toconsider when your business is making a good profit, and that would be Overhead Insurance. Overhead Insurancecovers rent, salaries, utilities, insurance premiums and/orinterest payments that are related to the business - thistype of insurance would cover you in case of a majorillness or accident.

Umbrella Liability Insurance

Umbrella Liability Insurance is used for catastrophiclosses. This will protect you in the event someonewants to sue you. An umbrella policy will upgradeyour basic auto, homeowners or business insuranceto cover these unforeseen events.

Liability Insurance

If you have people coming to your home-based business,than liability insurance may be something you shouldlook into it. Liability insurance will cover you againstclaims made by others against you for injuries or damagesthat occurred on your property.

Yes, your homeowner's policy includes some liabilityinsurance, but it may not cover you for liability claimscaused by your business.

To conclude, life offers many unexpected turns in theroad - and basically, that's what all insurance does - itprotects you against those unexpected bumps in theroad - and keeps you moving toward your goals with onlylimited stales. Personally, I believe I can deal with a small bump in the road better than a complete halt inbusiness. How about you?

To your success.

Vickie J Scanlon has a BBA degree in AdministrativeManagement and Marketing. Visit her siteat: http://www.myaffiliateplace.biz for free tools, articles,ebooks, how to info, affiliate opportunities, servicesand products - to meet your budget and needs.


MORE RESOURCES:

Insurance - Google News

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California wildfires: New bills aim to ease insurance headaches - The Mercury News


The Mercury News

California wildfires: New bills aim to ease insurance headaches
The Mercury News
SACRAMENTO — California lawmakers on Tuesday took aim at the insurance industry after hearing “horror stories” from constituents struggling to rebuild in the aftermath of a record-setting wildfire season that caused more than $9 billion in damages ...
California lawmakers propose bills to beef up disaster insurance coverage San Francisco Chronicle
California Commissioner and Legislators Unveil Wildfire Insurance Bills Insurance Journal
Lawmakers introduce package of insurance safeguards in wake of Northern California wildfires Santa Rosa Press Democrat
Wichita Eagle
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MJ Insurance Adds Rarick as Risk Management Consultant in Arizona - Insurance Journal


MJ Insurance Adds Rarick as Risk Management Consultant in Arizona
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MJ Insurance has added Justin Rarick as a risk management consultant in its Phoenix, Ariz. office. Rarick is responsible for driving sales and service to new and existing clients. Rarick previously was a commercial claims specialist at Nationwide ...

Enlarging insurance pool makes sense - Baltimore Sun


Baltimore Sun

Enlarging insurance pool makes sense
Baltimore Sun
Dan Morhaim for his continuing focus on improving the state's procurement processes to benefit taxpayers (“Pooling insurance makes sense for Maryland,” Jan. 10). Once again, he proposes an innovative approach to saving taxpayer dollars and improving ...

At GE, $6.2 Billion Charge for Finance Unit Hurts CEO's Turnaround Push - New York Times


Reuters

At GE, $6.2 Billion Charge for Finance Unit Hurts CEO's Turnaround Push
New York Times
The newly disclosed trouble surfaced in one of those, a reinsurance unit, North American Life and Health, mainly because of the higher-than-expected cost of reinsuring long-term care policies sold by other insurers. After examining the trend in claims ...
GE reignites break-up talk after $11 billion insurance, tax hit Reuters
GE shares dive after 'deeply disappointing' $6.2 billion insurance portfolio charge CNBC
General Electric's (GE) Presents Insurance Update Broker Conference Call (Transcript) Seeking Alpha
Yahoo Finance  - Washington Examiner  - Bloomberg
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Oklahoma Says Farmowners Insurance Program Insurer, Rockingham, not Licensed - Insurance Journal


Oklahoma Says Farmowners Insurance Program Insurer, Rockingham, not Licensed
Insurance Journal
The Oklahoma Insurance Department says a farmowners insurance program being advertised in Oklahoma is not valid because the insurer, Rockingham Casualty Company, is not licensed to operate in the state. In early January, Rockingham Casualty and Edmond ...

The number of Americans without health insurance jumped by 3.2 million in 2017 — and Congress could be to blame - Business Insider

E&S Exit: State Auto's Rockhill Sells Environmental Insurance Renewals to CapSpecialty - Insurance Journal


E&S Exit: State Auto's Rockhill Sells Environmental Insurance Renewals to CapSpecialty
Insurance Journal
“CapSpecialty is committed to offering our wholesale brokers and insured customers access to strong environmental coverage, and Rockhill's appetite, products and focus on small to mid-sized business are all well aligned with those of CapSpecialty ...

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Troubles Push GE to Consider a Breakup - Wall Street Journal


Wall Street Journal

Troubles Push GE to Consider a Breakup
Wall Street Journal
General Electric Co. GE -2.93% is considering breaking itself apart, a dramatic move that would mark the end of one of the oldest and largest U.S. conglomerates. The 125-year-old business, which was once the most valuable U.S. company and still employs ...

Insurance Industry Bands Together to Make a Difference in North Carolina City - Insurance Journal


Insurance Journal

Insurance Industry Bands Together to Make a Difference in North Carolina City
Insurance Journal
A group of insurance and risk management professionals are working together to make a difference in one of North Carolina's largest cities. The group, Community Matters: Insurance Partners of Charlotte, started in 2012 to help raise funds to build a ...

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