Insuring Your Business – What you need…What you don’t!

As a business owner, you take calculated risks everyday in order keep your business thriving. What about the risks you haven’t considered? You need to protect your investment from an unexpected calamity. Each type of business has unique risks inherent in it’s operation.  There are as many solutions to insuring your business as there are different types of business.

Regardless of what line of business you work in, business insurance can protect you in a host of ways, including:

Property Insurance

Coverage to provide protection for your buildings and personal property.  Generally, you are the best one to determine how much insurance you need to buy to properly protect your property.  When doing so you need to work with your agent to decide whether you want replacement cost coverage or the depreciated value of the property you are covering.  Also, do you need ‘special coverage’ or is ‘named perils coverage’ adequate?  We’re here to help you figure this all out.

Loss of Income & Extra Expense

If you are temporarily out of business because of a property loss, how are you going to pay your bills?  If you are an office exposure or a contractor most likely incur many extra expenses while you resettle your business but you probably can continue to operate while you resettle.  Extra expense might be the only coverage you need.  But if your a manufacturer or retailer you will most likely have a big loss of income and lots of extra expense.  Farquhar & Black Insurance can help you decide what makes the most sense for your operation.

Commercial General Liability Insurance

This protects you from claims for damages that result in bodily injury or property damage.  Properly insuring your business means choosing liability limits that are high enough to protect your assets.  The good news…your insurance company has the “right and duty” to defend you against any suit seeking damages.  Generally, the defense costs are in addition to the limit of liability which you purchase.

Workers Compensation and Employers Liability

Workers compensation is supposed to be the sole remedy for a worker who is injured on the job.  That’s one of the reasons why if you have any employees or if you are incorporated the insurance is requires by both State and Federal law.  The intent of these laws is to eliminate the need for litigation by having employees give up the potential for pain and suffering related awards in exchange for not being required to prove tort (legal fault) on the part of their employer.

Business Auto Insurance

The law requires you carry it if you own an auto in the business name.  Surprisingly enough, you probably need it even if you don’t own any business vehicles. This is because if you or an employee is driving a personal vehicle on company business, a smart attorney will sue both the driver and the business he was running the errand for.  Looking for deep(er) pockets!

Umbrella Liability Insurance

Not just for a rainy day, an umbrella liability policy covers your business assets with limits over and above your general liability, auto and employers liability insurance.  Umbrella liability policies usually come in increments of $1,000,000.  The umbrella carrier requires that you have certain limits (underlying insurance) for all the policies it covers over.

So what do I need?

Very likely it’s some, all or none of the above!  It’s also possible that you will need the more esoteric coverage’s…E & O; D & O; Cyber; EPLI; Crime; Spoilage; Surety Bonds; Boiler and Machinery…the list goes on and on.

That’s why working with the professionals at Farquhar & Black Insurance is so important.  With over 150 years insuring business in Massachusetts, we understand your insurance needs.  We understand that nobody wants to be insurance poor.  Our professionals will work with you to design a package of insurance coverage tailored to your needs and for your budget.  We work to make sure you get real value for every insurance dollar you spend.

It’s easy and quick to get a no-risk quote for a business insurance policy. Call us or fill out this simply form and we’ll get back to you right away.