Make sure your company or client Is properly insured
Is your company or client properly covered?
Most owners think they are “insured.” But it is coverage a firm does not have that can put it out of business. Check this list from Gaebler Ventures, a venture capital firm:
|
Exposure |
Coverage |
| Tools and equipment (used off-premises) | Contractors’ equipment floater |
| Stock (inventory) | Usually insured as part of business personal property. If values fluctuate a lot during the year, a reporting form may be appropriate |
| Property of others in possession for storage, service, or repair | May be covered under business personal property or special types of coverage |
| Damage to boiler, A/C, etc. | Boiler and machinery coverage |
| Loss or damage to stock transported in an owned vehicle | Motor truck cargo coverage |
| Loss or damage to property shipped via common carrier | Transportation coverage |
| - via mail | Mail coverage |
| - via common carrier, overseas | Cargo policy |
| Loss due to faulty discharge of water from automatic sprinkler system | Usually covered by commercial building and business personal property coverage |
| Lost profits due to insured loss | Business interruption insurance |
| Expenses necessary to continue business operations after insured loss | Extra expense coverage as part of business income coverage |
| Loss of rents due to building(s) not being habitable, due to insured loss | Generally included in business income coverage |
| Loss of money due to robbery | Robbery and safe burglary insurance |
| Business operations and premises | Comprehensive general liability policy |
| Products manufactured, distributed, or sold | Comprehensive general liability policy, or products-completed operations policy |
| Work performed by your company under contract, such as construction | Comprehensive general liability policy, or products-completed operations policy |
| Premises owned but not occupied by owner | Comprehensive general liability policy |
| Liability for contractors’ or subcontractors’ work | Comprehensive general liability or owners and contractors protective liability |
| Losses in excess of policy limits or high limits of liability | Umbrella liability policy |
