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Five Insurance Basics for Businesses

Five Insurance Basics for Businesses

Whether you are starting a new business, or your company is well-established, protecting that business should be one of your main concerns. Locked doors, security personnel and a well-padded bank account are all nice things to have, but they can only do so much. Business insurance can be a hassle, but at Hayes Brokers we like to do our best to take the sting out of it. Here are the insurance basics for businesses, whether new or old. 1. General Liability A general liability policy should be at the top of the insurance list for any business owner. This policy can cover the business premises, the business operations off premises, and a host of other issues that may crop up related to advertising injury, products and completed operations and more. General liability insurance can cover both personal injury to customers and property damage to their property. Some might even call this policy “prepaid legal” since it will provide legal representation in the event of a claim or lawsuit related to the business operations. 2. Property Insurance Whether you own a building or just the contents, property insurance is a must. Property insurance is versatile enough to cover not only your structure and your company contents, but also business income or business interruption coverage in the event of a loss that leaves your business unable to operate for a period of time. There are many options available with property policies, such as equipment breakdown (boiler & machinery) coverage, ordinance or law, sinkhole collapse and more. Talk to your broker to find out which options are right for your business. 3....
A Closer Look At Insurance for LLCs

A Closer Look At Insurance for LLCs

As we have previously discussed, LLCs are a great way to protect company assets, but this corporate structure is not a replacement for actual insurance coverage. Insurance for LLCs should still be a consideration. Let’s take a closer look at why. You Can Still Be Sued In an article on Legal Zoom about LLCs, it is noted that forming an LLC makes a company a separate entity from the company owners. In the eyes of the law, the company “can own money and property, have a bank account, make agreements, sue people, and be sued.” While the corporate structure may protect individual owners from legal liability for company activities, it does not protect the company from being sued. Lawsuits cost money. The best prepaid legal option a company can have is a solid commercial general liability policy to protect against both nuisance claims and legitimate lawsuits. There’s an insurance policy for that: General Liability. You Can Still Make Mistakes Many professional businesses such as lawyers and doctors cannot form LLCs in certain states. If your business is formed as an LLC the corporate structure does not protect you or the business from decisions made by professionals within your company that result in damage or loss to your customers. There’s an insurance policy for that: Professional Liability / Errors & Omissions You Can Still Suffer A Property Loss The physical assets of your business such as your equipment, furnishings, and buildings are still vulnerable to damage or loss. Fire, theft, hurricanes, earthquakes, floods and other natural disasters won’t stop at your front door due to your corporate structure. There are...
Does My Mobile Cannabis Business Need Insurance?

Does My Mobile Cannabis Business Need Insurance?

It is a fallacy that many mobile cannabis businesses fall into: if I don’t have a retail location, I don’t need insurance.  The truth is, if you have a business of any type, you need insurance to protect yourself and your investors. No Retail Location? You Still Need Insurance. Many only equate the need for insurance with business locations and landlords. However, if you run your business out of your home you still need insurance coverage.  Why? Because both typical and atypical business pursuits are excluded by your homeowners or renters insurance. Personal lines policies exclude any business done in the home or anywhere on the home premises. The policies exclude the work being done, the work product, employees, inventory and business equipment. Some policies may even cancel coverage for homeowners operating businesses out of their homes. If you are storing stock in your garage or in your spare bedroom, there is no coverage for it in the event of a fire, theft or other hazards. Liability coverage under your homeowners policy also will not extend to business pursuits. There will be no coverage for customers on premises, products liability, or personal or advertising injury, as businesses are excluded from the policy. The good news is both of these coverage lines can be written on your business even if you are operating out of your home. No Commercial Auto? You Still Need Insurance We have previously blogged about the need for commercial insurance for delivery services. The exclusions for livery use of personal vehicles applies whether the car is owned by you, your spouse, or an employee.  The only...