Todd & Craig invite on Michael Sarno from Webb Insurance Agency to discuss what you insurance you need to protect your business. You've worked hard to start and build your business. Don't be caught in a bad situation with no coverage or way to protect everything you've invested!
0:35-6:04 Intro to Michael Sarno with Webb Insurance
6:05-21:13 Do I need business insurance?
- Liability, property, equipment- there is a lot to insure, even when you’re just starting out
Start with liability coverage at least, if not contents coverage as wellYou may also want professional coverage- covers problems like losing a client’s mediaYour personal policy will not cover you when you call yourself a business A commercial policy pays for defense costsA liability policy extends to where you take your business; it follows youDrone insurance is a separate policy; your liability policy will not cover flying your droneExposure- what your policy does not coverYou can put your personal vehicle as “business use” on your personal auto policy if you’re a sole proprietorIf you have employees using their personal vehicles for company use, you will want coverage for thatThis protects the company, not the employeeWhen something happens and an attorney names you on a lawsuit (even if you hold little responsibility in the case), how can you protect yourself?Attorney fees add up; a policy will pay for defense costs21:14-36:04 What other types of coverages should a new or growing business consider?
- Sit down with your agent and let them challenge you with what the possibilities are
Employees add liabilities and exposuresEmployee practice policies cover discrimination and misconductCyber policies cover internet transactions and other internet activityUmbrella policies cover what your liability policy will notThey are not expensiveIf you are an LLC, your personal assets are protectedGoing to an agent will help you much more than buying a policy onlineAn agent will help you know what exposures you need to think about as you growHaving a relationship with an agent means they will be there for you when you have a situation you don’t know what to do withYou don’t have to know everything; you just need to be connected with people who have the answers36:05-38:43 What about covering subcontractors?
- Subcontractors must have their own liability insurance
If a company says they have coverage for their subcontractors, they probably mean they have coverage for themselves38:44-41:24 Feel free to reach out to Michael at (419) 228-3211 or [email protected]
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