You have been working for years to make your life’s dream come true and today is the day. The doors are about to open for the first time on your small business. Looking back, you have spent months on every detail -sourcing product, looking for the right location, securing financing, designing advertising, interviewing staff, even going back and forth over the color of the carpeting and the paint. Sounds like you are ready.
Are you? How about your insurance? You probably have it, but is it the right insurance for the type of business you have? Buying company liability insurance isn’t like walking into a lounge and telling the server to “give me the usual.” Your agent has to work with you around a host of factors unique to your situation, such as your entire employee experience.
What is the work environment like?
There are a host of issues related to their work environment that will dictate the type of insurance coverage you need. Are your staff using any machinery, tools or other items that could cause them harm? Do they need certification to do so? What safety equipment is needed? What level of supervision?
How about where they are working? Are they visiting customers at their location? If so, are they using a company vehicle to travel? Once there, will they be engaging in potentially dangerous behaviors such as machine operation? Will they be in environments that could cause them harm, such as places with loud noises or moving machines like forklifts?
Perhaps they are working at a third location, such as is typical in construction subcontracting. Maybe your company operates mobile locations such as food vending carts. You could also be working with authorized agents or distributors.
Do you own or rent your location? If you rent, is what insurance does your landlord have? have you co-insured your landlord? At the very least you need to have coverage similar to your home insurance, with such items as theft and sewer backup.
What is the customer experience?
There are also many factors to consider from a customer’s perspective as they interact with your business.
Will customers be visiting your location? If so, will they be using such devices as vehicles, tools or powered items? Does the typical experience of visiting your site involve the risk of injury such as using gym equipment, playing racquet sports or swimming? Are they consuming alcohol or eating food? Do children come to the site? Are your staff in physical contact with people such as in therapeutic environments?
What else should you consider?
Does the service you provide involve sharing information or opinion? If you are involved in the production and transfer of information, have you looked at copyright issues or those related to libel and slander charges?
This is a lot to digest but don’t worry. When you choose Target Insurance Services, you can concentrate on what you do best – making your business successful. Our business is properly insuring your business so you have no worries.