Insurance coverage is an important but often overlooked piece in starting a business. Insurance is there to protect YOU, the business owner so it is crucial to get started with all of the right coverages for your exact situation. Today, Jeff Wentzel and Bill Bromiley of Wentzel Bromiley Insurance joined us to share their professional insight on all the coverages you should be looking at for your small business.
Auto Policies
Many times, operating a small business includes the use of a vehicle. In some cases this may be a personal vehicle used for sales calls or office commutes or others specifically in trades and services that could be a commercial vehicle transporting equipment and tools. Jeff and Bill recommend that if your vehicle is used in any capacity with your business to insure with a commercial policy, even if the vehicle is owned personally. They share all the specifics, unique cases and how this coverage differs and why you need it.
General Liability
This is required insurance coverage but should not be looked at as an umbrella coverage policy. The only items a general liability policy will cover are property damage or personal injury caused by your business. This is especially important for businesses that work within homes that could cause damage or injury to clients. This will protect a business owner from being sued if the accident falls within the scope of coverage.
Workers Comp
If you have any employees, even one, this is required coverage. Workers Comp is divided into two coverages. Coverage A: Injury to the worker. This is going to provide compensation for medical care as well as lost wages for time out of work due to the injury. This coverage only applies to employees who are injured on the job. Coverage B: Employer's liability. This is a more rare case but can fall into need if an illness is transmitted from the employee to an employee's family, a family could sue without this coverage. When a business is covered by Workers Comp, they cannot be sued unless there is found to be gross negligence that caused the accident or injury.
Other Insurance Coverages
The previous three policies are the big-ticket policies that almost all businesses are going to need but for unique situations or specialized businesses, there are other insurance policies that can be important for your small business. Questions to ask yourself before talking to your insurance agent might be: Do I operate my business out of my home? Is the building I own and operate my business out of insured separately? Do I need to cover data storage from cyber risk? Ultimately, there are many, many scenarios and policies that could be needed for your specific business. Jeff and Bill started their insurance business 17 years ago and urge others who are starting their own business to plan, plan, plan. Think about your business needs, goals, and also who you may be going into business with before you dive in!
If this podcast is helpful to you, be sure to find us on YouTube and subscribe!
What’s Inside:
Mentioned In This Episode:
Wentzel Bromiley Insurance LLC - Home | Facebook
ModernCPA - YouTube
Modern CPA (@moderncpa.online) on Instagram
Insurance coverage is an important but often overlooked piece in starting a business. Insurance is there to protect YOU, the business owner so it is crucial to get started with all of the right coverages for your exact situation. Today, Jeff Wentzel and Bill Bromiley of Wentzel Bromiley Insurance joined us to share their professional insight on all the coverages you should be looking at for your small business.
Auto Policies
Many times, operating a small business includes the use of a vehicle. In some cases this may be a personal vehicle used for sales calls or office commutes or others specifically in trades and services that could be a commercial vehicle transporting equipment and tools. Jeff and Bill recommend that if your vehicle is used in any capacity with your business to insure with a commercial policy, even if the vehicle is owned personally. They share all the specifics, unique cases and how this coverage differs and why you need it.
General Liability
This is required insurance coverage but should not be looked at as an umbrella coverage policy. The only items a general liability policy will cover are property damage or personal injury caused by your business. This is especially important for businesses that work within homes that could cause damage or injury to clients. This will protect a business owner from being sued if the accident falls within the scope of coverage.
Workers Comp
If you have any employees, even one, this is required coverage. Workers Comp is divided into two coverages. Coverage A: Injury to the worker. This is going to provide compensation for medical care as well as lost wages for time out of work due to the injury. This coverage only applies to employees who are injured on the job. Coverage B: Employer's liability. This is a more rare case but can fall into need if an illness is transmitted from the employee to an employee's family, a family could sue without this coverage. When a business is covered by Workers Comp, they cannot be sued unless there is found to be gross negligence that caused the accident or injury.
Other Insurance Coverages
The previous three policies are the big-ticket policies that almost all businesses are going to need but for unique situations or specialized businesses, there are other insurance policies that can be important for your small business. Questions to ask yourself before talking to your insurance agent might be: Do I operate my business out of my home? Is the building I own and operate my business out of insured separately? Do I need to cover data storage from cyber risk? Ultimately, there are many, many scenarios and policies that could be needed for your specific business. Jeff and Bill started their insurance business 17 years ago and urge others who are starting their own business to plan, plan, plan. Think about your business needs, goals, and also who you may be going into business with before you dive in!
If this podcast is helpful to you, be sure to find us on YouTube and subscribe!
What’s Inside:
Mentioned In This Episode:
Wentzel Bromiley Insurance LLC - Home | Facebook
ModernCPA - YouTube
Modern CPA (@moderncpa.online) on Instagram