Are You Starting A New Business?

We know choosing the right insurance for your new business is an important decision. Roussel Insurance has the experience to market your insurance and provide you with options for your business. Whether you’re a store owner, distributor, office professional, or wholesaler, you need insurance to protect you against the unique risks and exposures you face so you can tend to your new business and be rest assured that it is protected. Here are the types of insurance you should consider when selecting and designing your business insurance:

General Liability: Covers third party liability claims, namely claims against you from a customer or visitor on your premises, or who may be injured by your business activity or product.

Example: A customer slips on your driveway, trips on your steps, or injures himself on your premises, or customer is injured as a result of your product or service.

Business Property Insurance: Insures your building and contents both on and off premises.

Example: A fire destroys your entire building and equipment.

Employee Dishonesty Coverage: Protects your company from financial loss resulting from employee theft of money, securities, or property.

Example: An employee steals money from your company.

Workers Compensation: Provides compensation for your employees for medical care in the event they are injured on the job, including medical benefits, income benefits, death benefits, and rehabilitation benefits.

Example: You own a delivery company, and an employee is injured while making a delivery.

Business Auto: Provides insurance coverage for your company’s cars, trucks, trailers, vans, or other vehicles.

Example: You’re a beverage distributor making a delivery in the company van when another vehicle runs a stop sign and hits you.

Non-Owned Auto Coverage: Protects the company for vehicles owned or used by others (such as an employee) that are used in the business of the company.

Example: One of your deliverymen is driving his personal automobile to make a delivery and hits another vehicle.  This results in a lawsuit against your company.

Professional Liability: Covers you for the failure to perform professional services. If you design something or perform work which does not meet standards or expectations, you could be sued for the cost of the contract, damages, or lost business revenues by your customer.

Example: You are an architect and one of your buildings has developed a mold issue due to poor roof design.

Business Interruption Insurance: Provides protection from loss of income and extra expense if your business suffered a loss and you were unable to operate for a period of time.

Example: A major storm hits and your restaurant is completely flooded. You have to close for a month to repair all of the damage.

Equipment Breakdown Insurance: Provides coverage for the accidental breakdown of equipment.

Example: A power surge damages your computer network.

Each company has its own circumstances which dictate what would be needed to safeguard the years of hard work in building a successful enterprise. We will guide you through different scenarios to see what effects it would have on your business and what solutions are available. It may be as simple as a Key-Man Policy or funding a Buy-Sell Agreement with Life and Disability Insurance.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

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