Wednesday, June 18, 2014

Help Assessing Business Risk

No one dreams of the day they can pay insurance.  It is especially true when starting a business when your financial resources are at their tightest.  When your business ownership dreams come true you are dazed with all the bewilderment, excitement and anticipation that comes with any new adventure. The last thing business owners want to think about is the chance of failure or harm that could come to their business. The problem with all the optimism is that is can blind you from reality.  The reality of owning your own business is the risk involved.  The risks come with great rewards. Those rewards can be properly insured with the right commercial business insurance policy preventing the promise of success from being eliminated from a lawsuit or natural disaster.

When it comes to insurance coverage for your business don’t asses the risk on your own.  It is incredibly blinding at the start of any new adventure and the risks cannot properly be assessed without insight from a professional commercial business insurance agent.  When looking into insurance coverage for your business have at least two different insurance companies come in and address your insurance needs.  A risk analysis of your business by at least two outside parties will help to create awareness of what assets need coverage as well as what policies should be obtained.  

Insurance needs will vary greatly from one industry to another, one business to another and one entrepreneur to another. Here are a few different types of polices that can be offered to help cover all of your business needs and to prevent the financial demise of business.

One type of insurance coverage that is often seen in business is business owner coverage.  This policy is often referred to as a catch all policy.  The plan covers protection of damages caused from fires and other mishaps.  This policy offers a narrow degree of coverage in liability protection. 

Business owners can also purchase additional property insurance that offers protection above and beyond regular business owner protections.  Property insurance covers damage to the building that encompasses your business as well as the assets inside including the inventory, furniture and equipment needed to run the business.

In our society lawsuits come about for the most insignificant of reasons.  This is why it is so important that businesses cover additions liability insurance.  This policy will be the coverage that is needed to prevent financial ruin that comes from litigation over property, injuries that your product is held accountable for.  This is the policy that covers business owners from litigation against things such as a coffee that scorches a client or fan blade that cuts a babies finger.

Insurance against errors and omission is another part of business insurance coverage that is important.  This covers all service based industries against mistakes or harm caused from advice given.  Good examples of people that need this coverage are lawyers and doctors. 

When it comes to insurance for your business it is important to take the time to understand what is being offered and the reason the coverage is critical for your business.

For more information on business insurance throughout Livingston County, MI contact Cobb-Hall Insurance. We are experts in all types of insurance needs and look forward to helping you with all of your insurance needs. Check us out online at

Every Business Needs Commercial Insurance

Without a doubt the most important investment you can make for yourself and your business is to meet with a professional insurance agent to properly insurance your company.  Commercial business insurance helps to protect owners against financial loss that in turn could make the difference between bankruptcy and staying in business. One lawsuit can end your business and entrepreneurial dreams without the proper insurance coverage. 
No matter how small or large your business is, adequate commercial coverage is crucial.  A solid insurance policy and plan can prevent financial loss due to a myriad of issues that can arise within your business and industry.  Some of the most common losses that business experience are from theft, natural disasters, lawsuits and employee injuries.  All of which have specific policies that can be purchase to cover losses to your business.  Adequate insurance coverage allows business owners to regain their footing after a claim is made against the business.
When looking into business insurance coverage it is important to a have a basic knowledge of what there is available.  The three basic insurance policies that most businesses have are liability insurance, worker’s compensation insurance and property insurance.  Liability insurance helps to cover loss due to any damages that are inflicted on someone else from the actions of your employees, products or business in general.  This type of policy will cover expenses and cost related to personal injury, property damage, customer injury and the lawsuits arising from such.
Worker’s compensation is required to own and operate a business.  This type of coverage protects the business and the employee if an injury or illness occurs on the job or from the job you are pursuing. This can be anything from covering medical related to expenses from an injury to an employee’s lost wages during an extended leave of absence.  This policy requires proof that the injury or illness sustained comes from the work that was done on the job or from the job.
When it comes to considering an insurance agent for your commercial business insurance needs you it is important that you work with someone with extensive experience.  As a new business owner you will not necessarily be able to know or predict the risks involved with your specific industry.  Working with an insurance agent that specializes in commercial insurance will aim to help you have coverage that meets your every business need. 
Remain informed throughout the process of purchasing coverage and policies. Ask your agent any and all questions before the need arises for you to make a claim.  You will want to make sure that you understand your insurance coverage so that you can comprehend what you are covered for as well as exactly what you are paying for.  If a claim is made against the policy you will want to be able to contact your agent immediately so that it can be looked into and processed as soon as possible.  When it comes to commercial business claims you will find that it is more complex than making individual claims and can take a bit longer to process. 
For more information on business insurance throughout Livingston County, MI contact Cobb-Hall Insurance. We are experts in all types of insurance needs and look forward to helping you with all of your insurance needs. Check us out online at

Protect Your Business Risks With Commercial Insurance

When it comes to protecting yourself and your business against the uncertainties in life it is good to know you can rely on commercial business insurance.  As the owner of any business no matter how big or small you will face risks that you didn’t even know existed before becoming an entrepreneur.  Before cutting the ribbon on your new business it is imperative that you meet with an insurance agent that specializes in commercial insurance coverage.  They will be able to help you identify and define the risks within your industry as well as your specific needs.

Insurance for your business takes the risks involved and transfers them to a third party that you pay for.  It works just like insurance policies that you have on your home and automobiles. The insurance company chooses a set amount of money to charge for policies depending on the amount of coverage that is needed and the determined likelihood that it will be needed. Business insurance is risk management for owners.  If a loss occurs the business owner will establish a claim with the insurance company and their losses will be covered.  Without this coverage a business owner would be on their own to cover the loss occurred which could possibly bankrupt your business.

When it comes to insurance for your business there are several types of policies to consider.  An insurance agent will help you determine exactly which insurance policies are specific to your business.  From commercial property damage to professional liability this article will provide you with a brief description on what each does to support your business.

Worker’s Compensation
 A worker’s compensation policy covers lost income as well as medical expenses to an employee if they sustain an injury or work related illness.  This policy pays to sustain the employee while hiring someone to cover the work that is in need of being done while the employee is healing. 

General Liability
General business liability insurance provides coverage against negligence, product defects, and damage to property.  General liability is important in today’s lawsuit happy climate.  The protection provided to the business is to cover lawsuit expenses, medical payment and any other expense occurred in 
preventing loss to your business.

Commercial Property Damage
Property damage insurance provides coverage and compensation to business owners in case of loss due to natural causes including from weather created issues, fire damage as well as theft.  The coverage not only covers the physical business property and structure but also loss of equipment and materials that allow your business to function and exist.

Professional Liability
When it comes to certain professions professional liability is a must.  This type of insurance is provided for consultants, attorneys, tax advisors and other service industries. If you give advice or offer services of technical advice professional insurance protects you and your business against lawsuits stemming from that advice. 

These are the four most basic types of coverage offered to business owners.  More in depth coverage may be needed or wanted.  This can be determined by consulting a local commercial business insurance agent. 
For more information on business insurance throughout Livingston County, MI contact Cobb-Hall Insurance. We are experts in all types of insurance needs and look forward to helping you with all of your insurance needs. Check us out online at