With the latest spate of violent weather to blow through the St. Louis region, there is a need to assess how well business is managing their pure risk. Pure risk is different than speculative risk, which is what too many consider when they thinking about risk. Pure risk is based on an occurrence happening or not. It will rain or it won’t; a business will be damaged by flying debris caused by high winds or it won’t. There is no middle ground. It will or it won’t happen; there will be loss or there will be no loss. Speculative risk on the other hand is based on shades of grey; there will either be profit or loss. A business may make a profit or may suffer a loss. A gambler can visit one of the casino boats in St. Louis and win a bet or may lose a bet.
The fidelity bond is just a “feel good” bond for the client, since most thefts are not required to go to trial the bond becomes a waste of your money. Find the cheapest premium you can just to make your clients feel good about you having the policy. This will be proof enough for companies required you to bid on work and for the residential community as well.
Have an insurance agent signed on right from the initial start-up to give you a clear picture of small Business Insurance policies you will need and to have these policies in place.
Don’t buy it if the shipper will tell you that they have you covered with their personal insurance because the DOT wants all cars shipped by auto transport companies to have at least a liability and cargo coverage. What you want in this case is allstate commercial business insurance and not a personal coverage.
We understand that there are times when you do not have money and then you have times when you do. By finding the best Small Business Insurance policy out there, we guarantee that you will be able to save money. With that said, we believe you should start searching through the Internet right away to get that quote.
The first step is to analyze and estimate. Figure out any liabilities and assets you have that affect your business such as overhead and rental costs. When this is done you can estimate what your losses may be in the event of an accident such as a fire or theft. Once you determine the amount you may lose, you get a better of idea of the coverage you need.
Some of your most vital staff need to know how to file claims for insurance, if necessary. CCTV cameras can be used to record any incidents in areas of high risk. With the necessary action plan, and in case of a mishap needing an insurance claim, you will be in readiness!
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