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Insurance Starter Kit

Published by Verda on February 05 2013

Ready to open your own business? Then get started the right way with insurance to cover your new venture. Here’s what you may need:

  • Business Contents Insurance to cover computers, furniture, equipment and leaseholds for fire, theft, vandalism, water escape plus breakdown & power surge.
  • Bailees’ Coverage to cover damage to customers goods while in your care.
  • Warehouseman’s Legal Liability to ensure customers goods are insured with regards to your legal responsibility as a warehouseman.
  • Business Interruption Insurance to cover your loss of income and/or extra expenses in the event of an insured loss. This may also supplement your income, even after you are back in operation, up until the point that your income levels are where they would have been without the loss.
  • Crime Insurance to cover robbery and/or hold-up of cash, etc.
  • Fidelity Bond to cover employee dishonesty.
  • Third Party Extension to cover your clients property resulting from employee theft.
  • Full Commercial General Liability is a “third party coverage” that can pay defense costs and certain damages for bodily injury and property damage for which your companies become liability for due to their negligence. It may provide coverage at numerous locations for a broad range of activities including slip and fall, products liability, completed operations, and personal/advertising injury.
  • Errors and Omissions Liability Insurance coverage in its broadest sense, Errors and Omissions (E&O) insurance provides coverage for claims made as a result of your negligent acts, errors or omissions in your performance of services to third parties, including the giving of opinions, analyzing and reporting on research, or any other professional service that you may be involved in.
  • Directors and Officers Liability simply put, cover the directors of an organization against claims resulting from management decisions. Some events that may lead to a directors and officers claim would be; Misleading representations, Neglect or breach of duty, Breach of contract or copyright infringement, Unpaid wages, "Oppressed" shareholders creditors or employees, Unpaid taxes, Conflict of interest, Improper dividend payments, Improper issuance or repurchase of shares, Take-over defenses, Breached debt covenants, Failure to ensure the corporation meets its financial obligations, and Wrongful Dismissal.
  • Environmental Impairment Liability protects against claims caused by gradual, sudden and accidental pollution damage to the environment as well as Bodily Injury and Property Damage to third parties.
  • Installation Floater to cover building materials while in transit on the way to a work site, while awaiting installation, and while being installed.
  • Building Under Construction (COC) to cover your building while it is being constructed or erected.

For more Commercial Insurance Tips, contact Team Insurance Brokers.