Running a business is stressful. Numerous liability issues could emerge, and you must seek protection. Business insurance is critical to any business. This liability insurance will cover you in the case of a lawsuit. Here are some questions you must answer when buying business insurance.
1. What is covered? Coverage is the most important part of any insurance plan. Most general liability plans cover physical and property damage, medical payments, slander charges, and legal fees. When purchasing liability insurance, you should sit down with your insurance agent and go over the coverage offered by each policy.
2. Who is covered? Usually, the type of business determines who is covered by the insurance policy. If your business is small, then the policy may only cover you and your spouse. Corporations may purchase coverage for their owners, shareholders, and directors. If you have employees that will not be covered, you should inform them of their liability. Knowing who is covered by your policy is vital.
3. What are the policy limits? Each plan comes with a limited payout if a claim is filed. Your policy should feature a high enough payout to fully protect your business. A lawsuit comes with numerous fees and bills. Your policy limits should match the risk level of your business. Make sure your policy limits will protect your business.
Business liability insurance is vital for your company. Without protection, you could lose your company to a lawsuit. If you would like to discuss business insurance, then contact us. We are knowledgeable on all business insurance issues.
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Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.