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Business Insurance
The amount of small business insurance you need will depend on the type of business you own. Besides health and medical insurance or health plan quotes, you may need other coverage.
Liability insurance, interruption insurance, or coverage for other catastrophes should be examined. Umbrella policies may work well for many small business people.
Related Article:
Business Insurance - And What You Need To Know
by By Vickie J Scanlon
Getting your business up and running is exciting, challenging and hard work. You're finally making money - and you are the driving 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 your business and personal liabilities are at risk. Do you think you're safe if you incorporate or have an LLC? Many are misled into believing this is so, however, you too can become personally liable if you sign a personal guarantee on a loan, personally injure someone or act irresponsibility. As you will see, owning business liability insurance can and does protects your business and personal life from financia ruin. 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 any economic losses that you may encounter if something should happen to close down your business. For example, you have a 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 to consider when your business is making a good profit, and that would be Overhead Insurance. Overhead Insurance covers rent, salaries, utilities, insurance premiums and/or interest payments that are related to the business - this type of insurance would cover you in case of a major illness or accident.
Umbrella Liability Insurance
Umbrella Liability Insurance is used for catastrophic losses. This will protect you in the event someone wants to sue you. An umbrella policy will upgrade your basic auto, homeowners or business insurance to cover these unforeseen events.
Liability Insurance
If you have people coming to your home-based business, than liability insurance may be something you should look into it. Liability insurance will cover you against claims made by others against you for injuries or damages that occurred on your property.
Yes, your homeowner's policy includes some liability insurance, but it may not cover you for liability claims caused by your business.
To conclude, life offers many unexpected turns in the road - and basically, that's what all insurance does - it protects you against those unexpected bumps in the road - and keeps you moving toward your goals with only limited stales. Personally, I believe I can deal with a small bump in the road better than a complete halt in business. How about you?
To your success.
_________ Vickie J Scanlon has a BBA degree in Administrative Management and Marketing. Visit her site at: www.myaffiliateplace.biz for free tools, articles, ebooks, how to info, affiliate opportunities, services and products - to meet your budget and needs.
Recommended Insurance Book Titles:
The New Health Insurance Solution - The New Health Insurance Solution explains how you can get better, cheaper, and safer health insurance, and save thousands of dollars a year on all your healthcare costs. The book also explains why you should take your spouse and children OFF your employer health plan, how to use the new Health Savings Accounts (HSAs) to get a double tax break, how to cut prescription drugs costs by 500r more, how to get health insurance between jobs, and how to get affordable health care for yourself or your parents in retirement.
The Health Insurance Primer - The Health Insurance Primer is for anyone in any field who wants to learn more about how health insurance works.
This book is an excellent choice for both beginners and those with experience in the field. The authors assume no prior knowledge and begin by explaining basic concepts and terminology, but they progress to an in-depth examination of such topics as the various kinds of health insurance, health insurance contracts, underwriting, and sales and marketing. The authors have extensive experience in the health insurance industry and bring a practical, real-world perspective to the subject.
Business: The Ultimate Resource - Business: The Ultimate Resource offers unique access to the expertise and ideas that will drive global commerce and the art of management in the twenty-first century. Unmatched in scope and depth, and guided by a team of eminent advisors and editors, Business will become the "operating system" for any organization or anyone in business -- the infrastructure that drives ideas and action. Business illuminates the state of the art in business thinking and practice today, and will serve as the essential guide for seasoned executives, up-and-coming managers, entrepreneurs, consultants, administrators, educators, and students alike.
Health Insurance Nuts and Bolts - "Health Insurance Nuts and Bolts" is the sequel to the HIAA book, "The Health Insurance Primer." Together these two books provide an introduction to this field that is both easy to understand and comprehensive. They are the perfect choice for beginners in health insurance as well as for people from other fields. They are also an excellent resource for those with experience in this area who want to fill the gaps in their knowledge.
"Health Insurance Nuts and Bolts" describes the many activities health insurance company personnel engage in, such as policy issuance and renewal, billing, claims, cost control, fraud and abuse prevention, and product pricing. It also looks at government regulation of health insurance.
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