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If you run a business that requires the use of vehicles for company activities,
you need a commercial auto insurance policy. Commercial insurance policies
are designed to protect you against the wide variety of liability issues you
face when you have employees on the road using your vehicles.
Without a commercial auto policy, if an accident were to occur, you and your
company will be held accountable for property damage and injuries. Only a
commercial policy can protect you and your business from financial disaster.
Whether your company has one car or a hundred delivery vans, there is a
commercial policy that will suit your needs. You can obtain individual
commercial policies for each vehicle used by the company, or choose a fleet
policy if you have more than a few cars.
You have other insurance policies in place to protect your company from
liability, fire, theft, and other potentially ruinous events. Commercial auto is
the policy that will protect your company when you or your employees are on
Choosing Liability Coverage For Your Business
No matter what type of business you run, you need to protect your interests
with the right insurance policy. Every company needs a variety of different
types of insurance; some of these policies are the same no matter what kind
of business you have, while others might be specific to your industry. One of
the coverages that remains the same across the board is general liability
What General Liability Is For
There are a number of different types of liability policies you can purchase to
protect yourself from potential financial responsibility. General liability is one
of the less specific forms of coverage and provides a generalized, overall
coverage for liability claims resulting from a wide array of possible incidents.
While it will not protect you from everything, a good general liability policy
provides you with a solid foundation.
A general liability policy gives you coverage for defense from lawsuits and to
pay out financial claims when negligence on your part can be proven. It
prevents your company from facing potentially serious financial damage due
to property damage, injuries, or any other claim that can be proven to be a
result of your company’s actions or products.
Choose Your Policy Carefully
When you select a liability policy for your company, you should first make
certain that the policy covers you from all angles. If you have specific risks
that are not covered by general liability, you may want to purchase additional
policies to provide that coverage. It is important to understand what is
covered by your general liability policy and what is not; waiting until a claim
occurs is not the best time to discover the exclusions in your policy!
Be certain that a few basics are being covered by your general liability policy.
You want to be sure that you have good public liability coverage—meaning
that members of the general public who might sustain injury or loss as a
result of negligence on your company’s part can be compensated. You also
need to be sure that you have enough coverage to protect yourself properly.
Your general liability policy is one of the most important you will select as a
business owner; it takes only a quick look at the news to see the array of
claims consumers have made against companies in recent years. Many of
these lawsuits ended in favor of the claimant. Without good liability
coverage, your company could wind up paying these claims out of pocket.
Take the time to make sure you have selected liability coverage that meets
all of your needs and potential risks.
Balancing The Costs Of Health Insurance For Your Employees
Health insurance is one of the main benefits employees look for when they
take a position with your company, and a must have for any business.
Health insurance plans are available in a wide variety of coverage levels, with
differing costs to you and to the employee. The key to finding the right
policy is to choose one that balances the cost to your company with a
monthly premium your employees can afford.
Consider Offering Options
One of the best ways to keep control over your insurance costs and still
make sure your employees can handle the monthly payments is to choose a
few options and let your employees take their pick. Many companies choose
three options: the first is a low cost policy, usually with high deductibles that
mainly offers coverage for well visits and catastrophic coverage. The second
is a mid-range policy that keeps the premium down while offering lower
deductibles and better coverage. Finally, for those who are in need of a
more comprehensive plan and are willing to pay more, a third option is a
plan with a high monthly payment for the employee but low deductibles, if
any, and a very high level of coverage.
Each employee can make their choice based on their health care needs and
their monthly budget. By spreading out the cost among these policy options,
your company can find balance in the cost of health care.
Offer Health Savings Accounts
HSAs, or health savings accounts, are one of the newer and easier ways to
help employees save on their health costs while cutting back on the prices of
coverage for both you and the employee. Many companies offer their
employees a contribution to their HSA each year as an incentive. The HSA
allows the employee to pay for medical expenses such as co-pays from a
pre-tax account to which they contribute. These accounts are generally
offered in conjunction with a lower cost insurance policy, allowing everyone
to save money.
Remember that health insurance is one of the most important benefits you
can offer to your employees. There is no point in offering a policy that your
employees cannot afford. When it comes down to choosing a policy take the
time to gain an understanding of what matters most to your employees. In a
small company, it may even be possible to hold a meeting in which your
people can offer their input. Knowing what they think is reasonable in terms
of monthly payments and which coverage options are the most important will
help you to select the right group coverage for your company.
What Is Employment Practices Liability
One of the newer forms of liability coverage for businesses—employment
practices liability coverage—is designed to protect you as an employer from
the potential liability that comes along with having employees and following
all of the appropriate laws in relation to them.
You do your best to hire fairly and treat your employees appropriately, but
that doesn’t mean you will never encounter a situation where you or your
company are accused of doing the opposite. Unfortunately, suing an
employer for discrimination based on age, race, gender, or several other
protected factors is not uncommon these days. Being faced with such a
lawsuit can do serious damage to your company financially, even if you win
Employment practices liability insurance can protect you from this sort of
lawsuit and the financial fallout, but that is not all. It can also protect you in
the case of sexual harassment and wrongful termination suits, as well as a
host of other possible situations that can arise when an employee feels
These lawsuits have become so common that employment practices liability
coverage has become a must for anyone with employees. In many cases,
you will be required to carry it by your directors and investors, because they
too can be held accountable in the case of a lawsuit. This coverage will
protect not only you, but all of the people in your company who might
become the target of a lawsuit. This includes your directors and managers—
everyone who is in a position of authority and might be involved in
accusations of unfair employment practices.
From the moment you start to interview a potential employee right through
their termination process, whatever their reasons for leaving, you are
vulnerable to a potential lawsuit. There is no reason to risk having your
business destroyed or damaged in a serious way because of a
misunderstanding or an employee who isn’t happy about their termination.
Remember that there does not need to be any real grounds for the suit; all it
takes is to have to fight an expensive battle in court to leave your company
struggling, especially if you are a startup. Every company, new or old, needs
to be protected. Carrying the right liability coverage is an absolute must for
all companies from the moment they start to think about hiring.
If you are not certain that you have employment practices liability coverage,
take the time to go over it with your insurance agent. If you know you don’t,
call your agent and protect your company right away.