Insurance for Living Today...Is your business adequately covered?

Author:

Susan Regier

Most people don’t give insurance much thought. They know they need it but it’s not something they spend time dwelling upon. In fact, 88% of families are not aware of their insurance coverage…but Nancy Kirwin is working to change that perception.

With nearly twenty years of insurance industry experience, Nancy, an insurance service specialist/agent with Townsend Mutual Insurance, understands the ever changing requirements of her clients. Working from a home-based office, Nancy personally meets with her clients in the commercial, residential, and farming sectors.

One of the greatest thrills Nancy has in life is helping other people. It started as a young child when she was enthralled with the older gentleman (the insurance agent) who came to visit her parents each year on the farm where she grew up. It was always a big deal to sit at the kitchen table and review their policies to make sure the family was properly insured…and that feeling led Nancy to her work in helping other families experience that same sense of security.

Today, more parents are opting for a home-based business so they have more choices. The flexibility component is a huge bonus with growing families. Parents can schedule work after their children’s bedtimes so they can attend special activities during the day, without the guilt pressure of co-workers and bosses.

But when setting up a home office, it’s imperative that adequate business insurance is considered…and this isn’t a one-size-fits-all policy. If you operate a business from your home and have not informed your agent or broker, you run the risk of being denied from a claim if something happens.

The type of business, equipment, inventory, and liability issues must all be taken into consideration when assessing your insurance needs. Here are a few tips Nancy suggests to help ensure you are protected:

1. Establish a relationship with your insurance agent or broker. Make sure you let him or her know when you purchase new equipment, change locations (home biz to store front), or participate in a tradeshow.
2. Auto insurance must be rated appropriately if you use your vehicle for business use or have clients ride with you.
3. If someone else drives a vehicle for business use on your behalf you need to protect yourself with non-owned auto insurance. Policies should have inclusions and exclusions based on your unique business.
4. Review policies at least once a year, preferably every 6 months.
5. Be sure to have disability insurance, which is based on your earnings.
6. Save money by having higher deductibles – you’re not self-insuring for small losses.

Insurance is for living today. It pays to make sure you are adequately covered…and not paying too much.

Susan Regier is the publisher of www.NetworkingToday.com, London’s online business resource, and head writer of Vantage One Writing, a professional writing service for businesses. 519.471.8726 Email: susan@vantageonewriting.com Web site: www.vantageonewriting.com