Guide to Business Insurance

Business insurance, as the terms suggests is a type of insurance that will secure various areas of business from collapse. Depending on the policy that you have, several areas of your business organisation will be covered. The type of business insurance that a company chooses will depend on its extent of business, the product that they manufacture or mode of service they deal in. There is a lot that you have to learn about this type of insurance if you are planning to get one.

When buying a business insurance policy, first you need to list the areas of your business that you want to get covered. Then you need to look at the offers of different insurance companies that will give you the coverage that you need. There is no point in getting coverage for areas that you do not need. Make sure that you get an insurance that covers only what you need. It should not cover anything more because with the increase in coverage, the premium rates will also go up.

Depending on your requirement, you can choose property coverage. This will secure the property on which your business operates, the buildings involved, the production facilities and such other things. Casualty policies usually come as a part of property coverage. This will cover up any physical harm caused to anyone within the premises of your business organisation. It can cover both your employ yes and outsiders. This coverage should be taken only if hazardous conditions exist with the premises of your business line.

It is always good to get liability coverage under business insurance. This coverage will cover all claims that occur due to a harm caused by a product of your company or due t the carelessness of your employees.

Another type of cover is business interruption cover where you will be provided financial assistance in the case the working of your business line is halted due to some reason. This will help you get things back on track and to move on with ease. You can opt for commercial auto coverage if you want to get the vehicles used by your company to get insured.

Worker's compensation cover will cover up any harm caused to your employees when working. This will cover death or any physical harm that is inflicted on an employee. Depending on your convenience, you can opt for the premiums to be paid annually or in installments. Choose with care to get the best out of business insurance as it can cause you trouble than good.

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Does A Cleaning Business Need Liability Insurance?

A friend of mine was thinking of starting a cleaning business and she asked me what types of liability insurance she should consider. Here's the advice I gave her...

Since she was starting out by herself, she would likely be considered an independent contractor. Contractors need insurance just like any other business that deals with clients and customers, and a janitorial or even a maid type cleaning service needs commercial liability insurance. Determining what level of liability insurance coverage a cleaning business requires varies from state to state, but in general there are a few commonly faced issues.

Considering all the risks faced by a janitorial company helps decide the level of liability coverage needed. A cleaning business needs to protect themselves from damaging a client's property, damaging equipment and vehicles, personal injury, and even from crime. In addition, a janitorial company may consider insuring themselves from other problems such as damage caused by backed up drains and sewers, lost or damaged keys, and damage to business records.

If the business plans to employ others eventually, then more coverage may be needed, possibly even Worker's Compensation Insurance, if you will offer your services in a state that requires workers comp or some form of it. Consider scenaries of an employee damaging an expensive wooden floor, or a dishonest employee pocketing something small but expensive, such as a cell phone or necklace from a client's office. Without liability insurance to cover damaged property, employee theft, etc., a janitorial business could go find themselves on the wrong end of an expensive lawsuit.

To prevent costly out-of-pocket expenses, it is important that janitorial service businesses have liability insurance coverage that meets their needs. The best place to start is usually with a General Liability Insurance policy. In addition to general liability insurance, an umbrella policy may be a good idea for expensive claims that exceed a GLI policy limits.

The best thing to do is contact an insurance company that offers cleaning or janitorial business insurance packages and see what the agent recommends. Many insurers now offer deals that are specific to certain industries, and janitorial services is one of them. You may also want to ask them about getting bonded, which can help you get more clients. In fact, many larger business only let bonded cleaning companies bid on their available contracts, so adding a surety bond into your insurance portfolio is a good idea if you want to grow your business.

Which leads me to all the positive side effects of getting all the right coverage...

Most potential customers look to hire only cleaning companies with adequate liability coverage. They want to know, should damage or theft occur, that their property is protected. Customers also want to avoid costly lawsuits should an employee of a janitorial service get injured on their property. Therefore, a business with proper liability coverage is much more attractive to potential customers than an under-insured on non-insured company. Sharing with potential clients, the amount of liability coverage your janitorial business has, may give you an edge over other companies that lack proper coverage or simply don't advertise it effectively.

While it may seem like a hassle and and added expense to buy insurance for a business that seems as simple as cleaning, it's worth the time to shop around online and compare rates. You may also want to contact you existing agent and see if they offer business insurance and have them put together a quote for you as well. The time it takes is well worth it to protect yourself and your new business.

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5+5 = Your Dream

I know your thinking...Okay, 5+5 does not equal 5 so let me please explain. Let's start with a question. How many times have you heard that you need to have a "long term" goal and be focused for the entire length of that "long term"? In this article, I am going to focus on a 5 year goal and explain how you will know if you are truly on track to achieve your 5 year goal in life. In the equation, the answer 5 is your five-year goal and the 5+5 is the underlying secret to attaining that goal.

As I speak with numerous people on a daily basis, I hear their frustration about their goals that they've set and the lack of progress that they have made. As I say, "A mountain is built one pebble at a time and climbed one step at a time."

The first "5" in the equation represents the 5 people that you call our friends, associates, etc. I suggest that you make a list of the 5 people that you associate with on a regular basis, and then take a good look at it to see if they either have goals similar to yours or are progressing towards the achievement of a goal similar to your 5-year vision. A major key to unlock the secret to your future is to be 110% conscious of the fact that you will ultimately become who you associate with.

For example, if you have dreams of becoming healthy and wealthy and your associates are overweight smokers that complain about working one-minute overtime, then I can predict the odds of you being healthy and wealthy is slim to none. Millions of people never attain their dreams, because their "friends" serve as "cement shoes" as they walk towards their goals in life. As I set my goals, I surround myself with people who are on the same path in life that I am on. If you truly internalize this same mindset, then you can achieve your goals in life.

The second "5" in the equation is to take a personal inventory of the last 5 books that you have read or cd's that you have listened to. Just for fun, the next time one of your friends complains about something...ask them what were the last 5 books that they have read or cd's they have listened to. You will get one of two answers: I do not remember or I do not have the time to read. Your last 5 books that you read will determine where your focus or direction is in life. The average person reads 1 book a year after high school, which is the #1 reason why 95% of people are "dead broke at age 65".

Even the greatest computer in the world needs to be programmed in order to perform its functions. We are all designed for greatness, but we need to be conscious of our associations and what we are reading or listening to on a daily basis will decide the level of greatness that we all reach. Decide today to focus on your 5 year goal and realize that your 5 friends and the 5 books/cd's that you listen to will determine if you hit your Why or not. Success is simple, but not easy because it takes the ability to grow, stretch, search and learn to enjoy everyday as you progress towards your 5-year goal.

5 + 5 = 5, give it a try and let me know if it works for you. I can actually predict your results...5 + 5 = Your Dream

As I say,

You must be absolutely clear about your goal and be relentless in your pursuit of Your "WHY!"

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