Insurance Tips: Startup Insurance

VIDEO DESCRIPTION

New business is risky business. How can we minimize the downside through insurance?

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Insurnce Tips for Startups   business insurance coverage   clientelevision   commercial liability policy   company liability   insuring risk   policy forms   specialty coverageInsurnce Tips for Startups   

VIDEO TRANSCRIPT

John Doetzer: There are probably as many insurance policies as there are different types of businesses. Some policies are very broad in nature; they are referred to as business owners policies, that would be typical for the small retail store in a shopping center. Other businesses have to buy all their insurance on an À la carte basis. Edward Hiller: And you want to get a good insurance agent, who will understand the nature of your business and what your risks are? John Doetzer: Specifically you need to look at property insurance, liability insurance, workers compensation insurance and automobile insurance right out of the shoots. Speaker: The most important insurance to have is liability insurance. John Doetzer: Every business needs to protect themselves from claims, from other people for bodily injury and property damage as a result of their operation. Edward Hiller: In a commercial space, your landlord is more likely going to require you to have your own insurance. John Doetzer: You need to purchase a general liability policy. Edward Hiller: They are going to require the liability insurance, they are going to require that you carry your own personal property insurance, because their policy is doesn't cover what's inside your store. John Doetzer: The landlords, a general liability policy will cover claim for bodily injury and property damage that occur in a common areas, the lobby, the elevator, that sort of thing. Once the general public walks into your suite or through your office doors, if they trip over a power cord, that is going to be clearly on your shoulders. Edward Hiller: If you are operating out of your home, the home based business is not typically covered in the homeowners policies, so you need to add some type of rider to your home owner's policy. Irwin Kramer: If you plan to ride your car for business, you are going to need a rider for that as well. Speaker: And generally it's about a 30% increase in premium in order to have that vehicle classified for business use. Irwin Kramer: If your business owns a vehicle, you need a business auto insurance policy for it. Your personal auto insurance won't cover a car titled in the name of your business. John Doetzer: One of the most important coverages to consider is Business Interruption Insurance. It's tied to the property policy and continues the income stream to the business, during the restoration period. Most businesses fail to get back in business because they fail to buy Business Interruption Insurance.

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http://www.contentdeity.com/video/34095340/Insurance-Tips-Startup-Insurance.html

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