Putting corporate insurance in place

You need to hire an insurance broker that understands your business so you put the proper coverages in place, set the right limits and deductibles and one that will help you shop carriers for the best value.  Ask peers, check references.  As basic coverage you will probably need: property, general liability, workers comp and management liability (directors and officers, employment practices and fiduciary liability).  Depending on your business you may also need: employee benefits, auto, foreign and errors and omissions (professional liability).  I view insurance as a backup in a catastrophic scenario so adjusting the deductibles up to get the premium down can be a good way to manage the cost of coverage.  Even though it is painful, read the fine print on the directors and officers policies which is very specific on the scenarios it covers.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: