Events Calendar
In This Section
Reports on consumer confidence, GDP tug at stocks
Facebook creates dual-class stock structure
Consumer group warns about toy hazards
Americans gloomy on economy heading into holidays
Banks earn $2.8 billion in third quarter; insurance fund in the red
Akron, Summit County jobless rates increase
Home prices rise for fourth month in a row
Most Read Stories
2 men shot during party in Fairlawn
Several people hurt in Akron crash
Cancellation of Christmas not an option
Akron man killed in crash on his street
Victim of beating in Kent last week is declared dead at Akron hospital
Police: Pennsylvania man killed misbehaving puppy before Steelers game
Akron Circle K store robbed for second time this month
KSU suspends basketball player
Akron Children's Hospital CEO, wife announce $1 million gift to support research
Blogs:
Pets:
A Dog Named Christmas – Pet for the Holidays
The Heldenfiles:
Viewing Notes
Patrick McManamon:
Of pass interference and alleged "fake" injuries
Akron Zips:
No. 1 Akron to play Stanford next
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Audio: Mangini disputes Poteat call, accuses Lions of faking injuries
Kent State Sports:
Flashes travel to Florida Atlantic
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
Buckeye Football – Present and Future
Varsity Letters:
Gulley to visit Central Michigan in December
All Da King's Men:
The Onion, By Any Other Name…
Blog of Mass Destruction:
Glaring Contradictions
Akron Law Café:
Don't Try to Have Fun if you are Depressed
See Jane Style:
Vintage Chic
Car Chase:
What Automotive Thing Are You Thankful For?
Let's Talk Real Estate:
Tasty Confections Coming to Beachwood
Ohio Travels with Betty:
Monique asks how to get tickets for the Polar Express.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Personal Rant – Why I am Glad I live in NEO
Akron Gamer:
Nintendo's Mario endures even as games come and go
Businesses should make sure insurance will fit current needs
Published on Monday, Aug 25, 2008
A periodic review of your insurance coverage will ensure that you are prepared for reasonable risks and that you are truly getting the most from your investment.
Start with a full assessment of your company's insurance needs. Business insurance safeguards your property against the consequences of fire, theft, liability and other common risks. As your business grows, however, you might have added new services and specialized equipment that require policy endorsements or modifications.
Disaster and business-interruption insurance is also becoming a must for business owners concerned about damage or a prolonged shutdown resulting from natural disasters, such as a toxic spill, transportation disruption or acts of terrorism. Though such events might be a rare possibility in your location, even a relatively minor event could hinder your operations.
Before purchasing a policy or increasing coverage, consider all the possible ways of holding down the costs. Cover the most risky and largest perils first, then work down your list of priorities. Don't purchase coverage you don't need. Don't overlook seemingly minor risks for the sake of saving money. If the probability is small, the premium will be, too. Use a deductible as high as you feel your cash flow and savings will allow.
Don't forget ''key person'' insurance. If something happens to you or a key associate, will the business be protected?
Remember, if you are the person who keeps everything running, an illness or injury to you could put the business in jeopardy or bankruptcy.
Making wise insurance decisions is easier and more comfortable when you work with a reputable and qualified broker agent or consultant.
Conducting research on your own is also helpful. A qualified professional, however, can make an informed evaluation of your small-business insurance needs, matching them with available coverage options.
Many small-business policies offer the option of adding riders as opposed to buying separate policies. That's why purchasing all of your coverage from a single agency or broker will help reduce costs. If multiple policies are necessary, make sure they cover separate risks. Otherwise, you will be making unnecessary payments for what is essentially the same coverage.
If you would like more information on this or other business-related subjects, contact Akron SCORE via the Internet at http://akronscore.org or by calling 330-379-3163. Services are free and confidential. SCORE is a resource partner of the U.S. Small Business Administration.
Get the full article here.
Comments
Click here to post your comments
