Knowing What Kind Of Insurance To Get For Your Business

By Maryl Joop

Why cover other things?

When it comes to insurance coverage it is usually pretty normal and may include auto, homeowners, renters, or commercial insurance policies. However, these types of policies are only a few of the more odd and some would say frivolous forms of coverage that are available. So why would someone want to insure more than their basic property and possibly a life insurance policy? Much of this depends on the individual and or what career or value they place on it. For example if you owned and trained a race horse it would be in your best interest to have an insurance policy in case the horse was injured or died. Some may think it is strange to provide coverage to an animal but it is more than just an animal it represents a career and income. This is a more reasonable example compared to someone who insures their mustache for 400,000 dollars. The fact is pretty much anything can be insured depending on the company.

There are five main types of insurance coverage that a small business or larger company should have:

Now that we have defined the more normal side of insurance coverage we will now discuss the weird side of insurance policies. As was stated earlier the coverage can have a base in career or lifestyle of the individual. However, some of these next examples are strange and some may say ridiculous. Here are some examples:

Business owners policy: This may include a package coupled with property insurance, vehicle coverage, crime insurance which can be grouped together based on the company's needs.

This means letting the grass grow for too long, not shoveling the snow, and not picking up any newspaper or mail deliveries that begin to build up while you are away. It is advised to choose someone you trust in the neighborhood to take care of these things for you while you are away.

Egon Ronay: Is a food critic and insured his taste buds for $400,000 because his endorsement could make or break a restaurant.

Ken Dodd: Insured his buck teeth for $7.5 million because they were so important to his comedic act.

Health Insurance & the Affordable Care Act

Merv Hughes: A Cricket player in Australia insured his large mustache for $370,000 which added to his trademark appearance throughout the world.

By law under the act companies are required to provide health insurance coverage to fulltime employees who have benefits or they will be fined. This can create many problems financially for small businesses that are trying to cut costs. Whether or not the Act will have a dramatic influence on small businesses that are required to provide health coverage, it is still too early to tell. However, looking for other types of coverage or assisting employees in finding an affordable plan may help to lessen the burden of high premiums on the business owner. Ultimately, the need to insurance coverage for a small business to a large corporation is vital since it protects both the employer and employees.

About the Author:

Colonial Insurance & Financial Services is located in Conway, South Carolina and is independently owned and locally operated to handle your insurance needs. We believe that local insurance agencies can serve your insurance needs the best.