What type of insurance needs does your business have?  Below you will find a brief explanation of different types of insurance protection for your business.

Asset Protection: Asset protection provides insurance coverage for the premise of your business, equipment, vehicles and contents as well as business equipment.   As with all insurance policies there are different policies that are in effect for different assets.  Your liability insurance might cover certain assets such as the premise and equipment used to do business but will need a separate asset policy plan to protect your vehicles and their contents from theft or accidents such as fire or flood.

Key Person Insurance: When it comes to small businesses most often the loss of one key staff member could be devastating to the overall business activity. In most cases this refers to the owner of the small business.  If the business is wrapped around the owner’s skills and abilities without that key person the business will be drastically affected.  The revenue will decrease and the value of the business most likely collapses as well.  With insurance covering the businesses key person, partners and shareholders are covered from an overwhelming loss.

Product Liability: Product liability insurance is purchased to cover legal actions sought to collect from death, injury or damage that has been caused by the product that your business produces.  A special add on policy to your product liability insurance is recall liability which covers losses that happen when a product is recalled.

Professional Indemnity: If you are in the business of offering professional advice, indemnity insurance can be purchased to provide personal protection against claims arising from your advice. Professional Indemnity is usually purchase by providers of medical and legal advice as well as financial institutions as well as contractors.

Public Liability: If you or one of your employees is liable for injury, death, damage or negligence to a third party on the premise of the business public liability insurance will cover you from financial claims to your business.  If an employee causes an accident on site you will be covered from liability with this type of insurance.  It is also important if someone is hurt on your premises, public liability insurance will help with legal fees as well as settlement costs.

Revenue Protection: Revenue protection covers your if there is a disruption in business leaving you unable to protected against loss of revenue in situations such as floods, fires, earthquakes and other natural disasters.

Workers’ Compensation: This is the coverage that will protect your employees as well as you from hardship financially if injured while working or a work related injury that has developed over time.

Risk Management: Insuring your business is one part of planning for the adventures that can help when you own your own business.  The other part is preventing, managing and reducing the risks in your business.

  • Asset Maintenance: Take care of your business assets, including machinery, vehicles and office equipment.
  • Computer and Data Loss: This includes backing data up on a regular schedule, supplying surge protectors and preventing the installation of software or data until it is checked for viruses.
  • Premise Maintenance: Regular inspections and maintenance of the building and areas throughout the building will create a safer environment.  This includes the interior and exterior of the building.
  • Security Risks: Adding an alarm system and entry access systems are a few ways to detour the wrong people from accessing your business.
  • Theft and Fraud: Security cameras, regular inventory and a system of checks and balances with all finances will help prevent theft internally as well as from external sources.

For more information on business insurance throughout Livingston County, MI contact Cobb-Hall Insurance. We are experts in all types of insurance needs and look forward to helping you with all of your insurance needs. Check us out online at http://www.cobbhall.com/business.php