THE TOP TEN DO’S
- Bring an insurance agent into your start-up process and have policies in place.
- Consider using an insurance agent who can handle all of your insurance requirements.
- Include excess liability “Commercial Umbrella” coverage for your business.
- Use a broad form of business property insurance.
- Consider a health insurance policy to recruit and keep good employees.
- If you have employees, consider carrying employment practices liability coverage.
- Maintain a clean and safe environment in your workplace.
- Include your tenant improvements in your property insurance policy.
- Increase all your insurance coverage appropriately as your business grows.
- Consider maintaining a buy-sell agreement with your partners, funded by life insurance, in the event of the death of a partner.
THE TOP TEN DON’TS
- Consider self-insuring any part of your worker’s compensation risk.
- Fail to recognize regular employees as employees and not contract workers.
- Overlook ongoing employee training on maintaining workplace safety.
- Feel that you can’t afford insurance. You can’t afford not to have it.
- Deal with contractors who cannot furnish insurance certificates.
- Permit your insurance policies to lapse for non-payment of premiums.
- Deal with insurance providers with substandard ratings.
- Withhold information from your insurance provider. Give the provider a complete picture of your risks.
- Go “uncovered” (uninsured) in any category of insurable and significant risk.
- Overlook flood or earthquake insurance if in an area of high risk.
