unforeseen incident interrupts utilities for several days, or the shop is flooded and suffers water damage? What if there’s a robbery? How do you replace inventory? Dealing with any of these situa- tions, will you still be able to pay your employees? Choosing the right coverage can be a complicated matter due to the many different types of insurance policies avail- able. Some that a small business owner should consider include: general liability insurance, property insurance, busi- ness interruption/loss of earning insurance, business owner’s policy (BOP), commercial auto insurance, non-owned auto liability insurance, worker’s compensation, professional lia- bility insurance, directors and officers insurance, data breach insurance, equipment breakdown insurance, and personal umbrella insurance. Ultimately, Shepherd said, “Shop owners should carry a busi- ness policy that covers them for liability and business property, which is their equipment and inventory, and the policy should extend to on-site locations to protect them at job sites.” The level of coverage needed depends largely on the type of business being run and the perceived risk associated with it, according to Shepherd. The location of the business is also important in the decision making process. Regardless of how carefully small-business owners plan, acci- dents happen, whether on site or off site, with employees or even customers, and liability insurance can help cover medical
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expenses, attorney’s fees and any damage for which an owner is legally responsible. Liability insurance may cover situations that were previously not considered. Whether owning or leasing a building, property insurance
protects a business from an incident that might cause a major financial loss. Such incidents might include a fire that destroys a building and all the contents, a burst pipe that could cause extensive damage to merchandise and equipment (and that might even ruin important documents, such as shop orders), or damage to outdoor signage. The importance of insuring a business cannot be overstated; it is fundamental to running a successful, long-term operation. “Business owners need to purchase a policy that is tailored to their business,” Shepherd said. “If a loss is experienced, the business owner will have to replace all the tools and inventory, which can add up to a small fortune if they’ve been in business for many years.”
How Does Insurance Work? For those that already have homeowner’s insurance, finding
insurance for a small business is similar. Proof of ownership is required for business property, inventory, and other insured items. A general liability policy will outline the maximum amount an insurance company will pay against a liability claim. For example, if a small business gets sued for $250,000 for medical
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52 Mobile Electronics June 2014
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