If you think worker’s compensation and unemployment insurance is enough, think again. It’s time to think about the “worst-case” scenario for your company. The Hartford recommends that business owners take a close look into the type of work they do, property and equipment, intellectual property, and their employee and customer market (The Hartford).
Another imperative aspect of business insurance lies in Key Person Insurance, which could save a small business or start-up in the event of death or incapacitation of a key executive’s death that would otherwise leave the company stranded. In instances like these, “key person insurance gives the company some options other than immediate bankruptcy,” such as being able to pay off debts, hand money to investors, or pay severance (Kagan, Key Person Insurance).
Insurance rates and policies can vary, but Chron in The Importance of Insurance in Business recommends finding a broker who specializes in your field (Gartenstein) to best lay out a plan for insurance and give you the best coverage possible. At Verdult Insurance, we’re here to help. We know your company means everything to you: our mission is to be there for you so you can be there for what you do best: your company.
Kagan, Julia. “Key Person Insurance.” Investopedia, Investopedia, www.investopedia.com/terms/k/keypersoninsurance.asp.
“Why Do I Need Business Insurance?” The Hartford, Hartford Insurance, 2020, www.thehartford.com/business-insurance/why-do-i-need-business-insurance