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Minimizing the risk of operating a small business insurance

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• The BOP cover’s general property, liability and criminal coverage needed by the business.. There are normally two types of coverage: “blanket coverage” or “schedule basis coverage”-

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BUS 212 RM&I Insurance Spring 2006 copyright,

SJH

Small Business

Insurance

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Where to Start??

• There are so many types of insurance that a business could go broke paying for the highest protection in all areas

• The best place to start is to analyze the needs for your specific business

• Annually perform a Risk Categorization Rx

• If you are new to the industry, check the trade organization or associations for specialized

checklists of needed insurance

• Check with an Insurance Broker

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Insurance: The Must Haves

There are three types of insurance required by all

businesses by law:

Social Security Unemployment Worker’s Compensation

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Insurance or Taxes??

• Social Security and unemployment are often viewed as taxes

• They are obligatory

• Not paying these “tax insurances” greatly jeopardize your ability to

do business (especially after the IRS puts a lien on your home)

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Worker’s Compensation:

California’s Nightmare Insurance?

• Provides income & payments for medical

expenses to worker’s injured in job-related

accidents

• State law governs worker’s comp and in

California there are no exemptions for

small businesses

• The amount of insurance is based on the

“risk level” of the job (construction is higher

than clerical)

• Costs are also determined by the “size” of

your payroll and the company’s safety

record

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Where to look for Workman’s Compensation Insurance Quotes

• Check first with the State of

California.

• The State sets the rate for the

specific industry.

• Check WorkersCompensation.com

• California workercomp.com

• Check with your Trade Industry to

get industry standard quotes.

• Check with a private carrier.

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Four General Categories of

Business Insurance

• Property

• Liability

• Earnings

• Health/disability/ life

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BOP: Business Owner’s Policy

• Many small business owner’s will

buy a “BOP”…business owner’s

policy

• The BOP cover’s general property,

liability and criminal coverage

needed by the business

• An advantage is the policy overall

is generally less than expensive

than if purchasing separate

coverage for each area

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Property Insurance

• Property Insurance reimburses the company if your assets are

damaged or destroyed

• The most common types of

property insurance include:

- Vehicle

- Fire

- Flood

- Earthquake

- Theft/Burglary/Robbery

- Fidelity Bonds

- Ocean Marine Insurance-Inland Marine Insurance

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Fidelity Bonds: Are You Bonded?

A fidelity bond provides coverage from

employee dishonesty.

Employee dishonest bonds guarantee that the

bonded employees will handle their

employers money and property with fidelity!

There are normally two types of coverage:

“blanket coverage” or “schedule basis

coverage”- per employee or position

Specific Common Fidelity Bonds Include:

• Janitorial Service Bonds

• Employee Dishonesty Bonds

• Pension-Trust Bond

• Forgery

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Liability Insurance

• Regular liability insurance pays

for claims that are brought

against you because a customer

was injured on the business

premise

• Regular liability insurance

generally includes coverage for

damage to property that you do

not own (water leakage that

damages an adjacent business)

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Types of Liability Insurance

• Employee Liability- claims resulting from

employee lawsuits charging discrimination

or sexual harassment

• Worker’s Compensation

• Officers & Directors –covers personal

financial loss of officers & directors of

corporations if sued for negligent decision

making

• Surety Bonds- common in construction

Covers the financial loss if contracts are not

completed or on time

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More Liability Insurance

• Completed- operations damage to other’s property while completing a job.

• Premise & Operations – Financial Loss resulting from claims by

customers, suppliers or other’s injured

on your business property.

• Professional Liability- Financial loss resulting from malpractice claims

• Product Liability- Financial Loss from claims by customers because of injury caused by product

This coffee is too hot!!!

Do you have product

liability insurance?

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Earnings Insurance

• Earnings Insurance covers the loss of income and profits.

• Two-types of Earnings Insurance: Bad-Debt and Business

Interruption

• Business Interruption covers the financial loss from a temporary

closure of a business.

• Bad-debt covers financial loss from customer’s not paying for goods

or services

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Health, Disability, & Life Insurance

• Health

• Disability

• Key

Executive-Life Insurance that compensates the company for loss income or services if the owner or vital

employee dies

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