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You Need To Look Into Commercial Insurance

You have to have a commercial insurance policy if you have a business. You need to take out a policy right for you and your business. You must have adequate coverage so you will not be surprised when you take out a claim and find out you did not have enough to make up for your loss.

Your workers have to be insured against injury on the job. In your area, this might be a government requirement, some areas call this workers compensation insurance. If you do have to take it out then you might be able to purchase it from a private carrier or you might have to buy it through the state.

Have insurance on your business property if you own your building. If the building is destroyed or damaged and needs to be demolished you need not only coverage for rebuilding but also for the demolition service.

Where will you do business while the rebuilding is in process? You will have to have another building to run your business. This is why you need insurance coverage for the cost of renting another building.

If customers come onto your business premises, you need liability insurance. If someone slips and falls on your property and you are at fault, you will be sued. You need coverage to pay for such a lawsuit.

Insure items in your warehouse, but also insure money and any other financial instruments that might be destroyed in a fire or other disaster. Make an inventory of all the items you have in your building. Include not only your warehouse stock but also office furniture, office equipment, and advertising signs or other company related signage.

If you suffer a fire or other destructive force, you will have to have a list of all you lost. You might even video tape all that is in your building. Keep the video tape off the building site, a safe deposit box is a good place to keep it.

Include in your policy company items like laptops and cell phones and other equipment that regularly leaves your business premises. These items can disappear easily and not be returned.

If your business produces products for customer use, then you should have a product liability insurance policy. This coverage protects you when your product causes injury or illness to your customers or to the customers of those who purchase your product and sells them at retail.

The best way to figure your property insurance coverage needs is to determine what would happen if your business premises was destroyed. Figure the loss of office equipment, and the total inventory of your warehouse.

Figure how much you would have to pay to rebuild including the demolition of your damaged building. Take into account the price you would pay to rent another building while rebuilding is taking place. The total is the minimum you need in insurance coverage.

Keep your figures up to date. If you add more equipment or warehouse inventory you need to let your insurance company know right away.

Commercial insurance is a cost of doing business. But you can find the best rate for your business if you shop around.
About the Author:
Deovon writes articles that help people to learn about commercial van insurance and teaches people about insurance policy.

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This entry was posted on Sunday, May 9th, 2010 and is filed under Auto Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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