What Business Owners Should Know About Insurance

1 Mins read

Are you a new business owner or a budding entrepreneur? You’ve probably spent time and effort on things like market research, business planning, and securing funding. These are important elements when it comes to being profitable. Another area you should think about is risk management. What are some of the exposures such as liabilities and claims that could harm your business? Insurance products can help you manage those risks, so here’s what you should know.

Choosing the Right Coverages

There will be threats that are typical for business owners as well as some that are specific to the type of work you’ll be doing. If you’ll be operating out of an office or other job site, you’ll need general liability coverage for injuries and damages to third parties. If you’ll have employees who may experience injuries on the job, workers’ compensation insurance is essential. It’s important to have a comprehensive plan that includes all the protection you need. 

Counting the Costs

Once you determine the types of coverages you need, you should be aware that various factors will affect your premium, or how much you pay. Factors such as credit history, the likelihood of risk, and certain environmental conditions will influence your costs. Be prepared to answer several questions about your business with a potential insurer. You can also expect your provider to conduct a business site inspection Boca Raton FL for gathering information.

Filing a Claim

It’s important to be aware of how your insurance policies work before you need to file a claim. Know the terms of your coverage as well as who to contact when necessary. Store your policy information in a place where you can access it, especially if your business location becomes inaccessible.

A successful business is not just one that generates high profits. It’s also one that is aware of operational risks and how to mitigate them. Whether you’re an owner now or in the near future, you need insurance products to account for any uncertainties and potential losses due to these risks.

About author
The author, Dr. David K Simson is a trained radiation oncologist specializing in advanced radiation techniques such as intensity-modulated radiotherapy (IMRT), image-guided radiotherapy (IGRT), volumetric modulated arc therapy (VMAT) / Rapid Arc, stereotactic body radiotherapy (SBRT), stereotactic radiotherapy (SRT), stereotactic radiosurgery (SRS). He is also experienced in interstitial, intracavitary, and intraluminal brachytherapy.