However, these small businesses, like any, are susceptible to a variety of unexpected financial losses, including loss of property or loss of profits. At Franklin Insurance, we offer the commercial coverages that a small to medium-sized business needs, including Business owners BOPAutomobile, and Workers Compensation policies. By bundling important coverages such as property, business interruption, and liability insurance, a BOP can provide increased protection and savings for entrepreneurs in northeast Georgia.
This guide will help you decide and plan for the cost. He is an experienced writer, editor and marketer who has worked with and written about Fortune companies and small businesses, focusing on social media, emerging technologies, small business success, entrepreneurship, sports business and corporate policy.
When he opened his first coffee shop nearly fifteen years ago in Rhode Island, his dream of self-employment became a reality. He now has five shops under the Brewed Awakenings name in the Providence area.
But when a water main broke recently near one of the shops and flooded the entire store within 20 minutes, panic set in.
For many small-business owners, standard property insurance doesn't cover acts like flooding, earthquakes and terrorism. The insurance policy he had purchased for a minimal investment covered all the repairs and allowed Levesque to pay his employees their salaries while the store was shutdown.
Without it, he would have bop business plan to lay off his employees while he repaired the damage. According to a survey by Travelers Insurance, 94 percent of small-business owners are confident their business is protected against insurable risks, despite only 56 percent having disaster-recovery insurance.
Levesque's story is actually a rarity in the business insurance world. Many business owners don't understand how small business insurance works, and how to budget for it correctly.
If you don't have a comprehensive policy covering business interruption, worker's compensation, liability and more, you're not covered in many instances. Coverage You Must Have As Co puts it, you need the coverage that will keep you out of the most trouble.
To put it more bluntly, you'll want coverage for your property and business interruption, liability insurance, workers' compensation and commercial automobiles before you start thinking about other types of insurance.
A Business Owners Policy or BOP can roll all of these together in a cost-effective manner, but if you want to get customize your policy, here is what you need to focus on. Protects buildings and their contents, such as equipment, furnishings, and inventory, and is the most popular kind of protection for small businesses.
It usually has some breadth to it and can include many different options, including business insurance.
But it may also be an area in which you are overinsured: Companies with little invested in the space they occupy and little inventory can sometimes forgo it. For everyone else, it's as essential as homeowner's coverage and inevitably required for financing.
For business interruption, you might think your property insurance covers everything, but you need to read the policy to what is actually handled. Many people just buy this insurance and think everything with the property is covered, which is a large myth. Many business owners purchase general liability to cover legal hassles that typically come about due to claims of negligence, or when you're being sued or faced with the threat of a lawsuit.
These policies help to protect against payments as the result of bodily injury or property damage, medical expenses, the cost of de1fending lawsuits, and settlement bonds or judgments required during an appeal procedure. Required in every state except Texas, workers' compensation insurance pays for employees' medical expenses and missed wages if injured while working.
For many small businesses, even if it is not required, you'll buy it because you value your employees as an extension of your family. So if something happens to an employee, you'll want to do right to protect them.
The amount of insurance employers must carry, rate of payment, and what types of employees must be covered varies depending on the state. Namely for companies that own vehicles for business use or often use employees' vehicles for business. If employees' vehicles are used only occasionally, commercial general liability coverage may be sufficient.
The main reason this is important is that almost all personal automobile policies do not include coverage if you are driving for business purposes.
So if you work in sales and are on the road a lot, you are likely not protected. For budgeting purposes, it again depends on your industry and several other factors.
Depending on the general liability insurance company you end up using, your premium will be based on either your estimated gross receipts or your estimated payroll.
The workers' compensation premium will be based on your payroll, and the property and business interruption will be based on if you are renting or own the property, size, where it is located and more. One thing to remember with small business insurance premiums is that they are nearly all tax deductible.
How Much to Spend Other important questions about insurance revolve around when to purchase it and how to budget for it properly. In an ideal world, you should be thinking about your business insurance options when you write your business plan, but Co says that many business owners look at options when there is an emotional turning point, or when they actually feel that it is a real business and no longer just an idea.
In terms of budgeting, as a general rule, consider between 20 and 30 percent of predicted gross sales as the baseline budget for comprehensive coverage, including health and life insurance.Business Plan Sebagai Langkah Awal Memulai Usaha -- Supriyanto.
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