And What Can You Reasonably Do Without?
In an ideal world Austin entrepreneurs could afford a comprehensive Austin business insurance program that would protect you from any conceivable exposure. (I think this is the same world where you have unlimited funding, 48 hours in a day, and customers that would crawl over hot coals to buy from you)!
In case you’re not quite in that situation some important decisions have to be made. Make sure you make educated ones. Most companies that are bootstrapping don’t have the cash flow to transfer every risk via an Austin business insurance policy. So what insurance coverage does an Austin startup (or any business for that matter) really need?
That obviously depends on your business. We need to make sure you diagnose before you prescribe. The first step is to start with an assessment of potential risks. This process helps uncover a range of issues including regulatory compliance, risks associated with employees, potential third party liabilities, property risk, contractual risk, and threats to net income.
Once this assessment has been completed (and you’ve had a chance to practice some of those breathing exercises… you know… the ones that are supposed to calm you down and reduce your blood pressure) you can then, with the help of a Certified Insurance Counselor, make educated decisions that will help prioritize these exposures and help answer the following questions:
Which risks pose an immediate threat?
Which risks are the most likely to occur?
Which risks would be the most severe?
Which risks can we afford to retain or self insure?
Which risks can be reasonably be avoided?
Which ones can be mitigated or reduced?
Which ones can be transferred contractually?
What risks do I need to transfer via business insurance?
Austin business insurance is only one piece of managing risk and protecting your business. Other avenues should be explored before blindly buying an insurance policy.
The good news is that getting professional help, (wait… that doesn’t sound quite right…), is available and in most cases costs no more than randomly buying insurance from someone over the internet.
Here Is A Brief Synopsis Of Some Of The Types Of Coverage You Need To Evaluate For Your Austin Business Insurance:
Austin General Liability Insurance
A broad commercial policy that covers liability exposures of a business that are not specifically excluded. Coverage typically includes product liability, completed operations, premises and operations, and personal and advertising injury. It is recommended that all businesses operating have general liability coverage in place.
Business Owners Policy
An Austin business insurance policy that combines property, liability and business interruption coverages for small to medium-sized businesses. Coverage is generally cheaper than if purchased through separate insurance policies. A Business Owners policy is typically available to businesses and industries that are typically viewed as having relatively low liability exposures.
Austin Workers Comp & Employers Liability
This coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work. Additionally this coverage protects an employer from being sued by an injured worker in most cases. A commonly overlooked exposure for companies who employ mostly office workers is the potential injury to employees while driving their own vehicles on company business. This could be as simple as an employee driving to a sales call, the bank or office supply store. If you have employees it is critical that you secure this important coverage.
Professional Liability Insurance Austin
E&O insurance covers professionals for negligence and errors or omissions that injure their clients. In addition to covering licensed professionals such as accountants, attorneys, insurance agents, architect and engineers to name a few, technology companies frequently have a professional liability exposure. This typically arises from the fact that the general liability policy excludes damage to data. Technology E&O can protect your company in the event that your negligence, error, or omission causes damage to a third party’s data. It is recommended that all professional and technology companies have E&O coverage. Contact an Agent today for more information business insurance.
Austin Umbrella Insurance
This Cedar Park business insurance policy provides coverage for losses above the limit of an underlying policy or policies such as General Liability, Employers Liability and Automobile Liability. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies. Due to the unpredictable nature of jury awards, it is recommended that your business insurance program have this coverage.
Austin Employment Practices Liability Insurance
Employment Practices Liability Insurance for employers that covers employment related liabilities other than on the job injuries. EPLI will cover legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. Although only three percent of Employment Practices lawsuits go in favor of the plaintiff, the average cost to defend yourself in one of these is well over $200,000.
Austin Commercial Auto Policy
This Austin business insurance policy provides coverage for bodily injury liability and property damage, for injuries/damage the policyholder causes to someone else. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder’s car are also offered. Optional property coverages for damage to the insureds vehicles are also available in the form of collision, for damage to the policyholder’s car from a collision and comprehensive, for damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft. Uninsured motorists’ coverage, for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance is also recommended.
These are just a few of the Austin business Insurance coverages. If you have questions, feel free to contact Inspire Insurance solutions, your one-stop solution for all your Austin business Insurance needs.