Property and Casualty Insurance for New Business Owners
You just opened shop. Now is an exciting time. You've surveyed the landscape, secured capital to invest, and landed your first few clients. Before you go much further, take time out to learn about how property and casualty insurance can protect your business and personal assets.
Property & Casualty 101
You seek to shield your business, automobile, home, and other assets against losses. You also want to protect your income stream. Property insurance can help you. Casualty insurance protects you against liability if you or a co-worker or a product or an advertisement causes harm to another person or destroys or damages property.
Property -- Your business property includes "real" property, such as your building, and your business personal property, such as your office computers, desk chairs, art work, and so forth. The insurance stipulates what is covered and what is not. It also "limits" your coverage to a certain amount. Note yours limits! A typical property and casualty policy will protect you against damage caused by lightning, hail, smoke, fire, civil commotion, leaking sprinklers, windstorms, and, yes, even volcanoes. You may need to tack on additional coverage to protect yourself against earthquake damage, water damage, and property damage caused by falling objects.
Casualty -- General liability coverage is essential for most businesses -- even ones that operate virtually. If your products, advertising, property, or employees cause property damage or bodily injury, you and/or your business could be held legally and financially responsible. Casualty insurance provides a safety net here -- it pays for medical expenses, rehabilitation costs, legal fees, court costs, and other fees that can add up to extravagant amounts.
Property and Casualty Insurance Cost Saving Tips
Identify specific vulnerabilities. Do you work with toxic materials or heavy machinery? If so, those may be prime liability concerns. Do you operate a fleet of delivery vans? If so, you may need special auto insurance. Do you own a particularly delicate, expensive, or essential machine or electronic component? If so, tailor your property & casualty coverage for that key component.
Don't shop for property and casualty insurance all by yourself. Get help. Talk to professional peers. Speak with a credentialed agent. Explore an insurance company's reputation before you sign on the dotted line. Use independent rating agencies like Standard & Poor's and A. M. Best to assess prospective insurers.
Identifying Property and Casualty Quotes
Collect multiple quotes before you make a decision. The online service here at NetQuote can help you collect 5+ quality property and casualty insurance quotes today. Fill out one online form, and simplify the process of securing your business assets
See how much you could save today on your insurance. Get your free business insurance quotes today!