While it’s a known fact that public companies can easily be sued or run into legal trouble, many business owners don’t realize the same can happen to private companies. D&O insurance for private companies is just as important, though. Here’s why it’s necessary to prevent problems and save businesses money.
Directors and Officers Need Protection for Their Position
Just like with a public company, directors and officers can be sued for a variety of reasons, even if a company is private.
Among these are:
A customer or other individual getting discriminated against
Lawsuits by shareholders
Entrepreneurs face a variety of concerns when starting up their businesses. A New Mexico business liability policy may not be a top priority at first but maybe it should be. Insurance protects the financial assets of the fledgling company and helps retain the customers already gained.
All states require a workers compensation policy if you have employees. If you have not hired anyone but plan to, you should have a quote drawn up to better budget for the necessary insurance.
However, you purchased the company’s property, it can be expensive to replace if there is a fire, vandalism or theft. Renting or owning an office or warehouse space makes commercial property insurance a must have.
Top 3 Marine Insurance Claims
If you own a boat, you need to protect your investment. While you know to seek out insurance, you may not understand the importance of comprehensive or extensive coverage. You need to make sure that you’re covered for the most common New York marine insurance claims. Here are three of those.
Submerged Object Impact
No one wants to think about their ship coming into contact with any sort of submerged object. These collisions are not only dangerous but you can lose a lot of money just from a small impact.
A lot of weather damage occurs on the water. High winds and heavy rain damages ships. It’s important for you to have full coverage when it comes to weather damage. Take into consideration where the ship is stationary most often and make sure that your boat has the proper amount of coverage.
More and more people are opting into the gig economy choosing flexibility over rigid corporate jobs. Many people use gig jobs to have supplemental or extra income. Whatever your reason for being a part of the gig economy, it may be time to invest in commercial auto insurance Orlando FL.
Delivery drivers often use their personal car when making pizza, take-out or grocery runs to customer’s houses. Unfortunately, your personal auto insurance may not provide coverage when you use your personal vehicle for commercial purposes.
There are two different kinds of people in the world. Camper or glamper, there is no wrong way to enjoy the great outdoors. Before planning your next outdoor retreat, be sure that all participants are on the same page as far as what to expect. A glamper might not enjoy the same things a camper does, and vice versa.
A combination of the words camping and glamorous, people who enjoy glamping err on the side of luxury as opposed to rugged. They usually camp in RVs or trailers which are insured by a reputable agency like Freeman Insurance Agency. They prefer to observe Mother Nature from the comfort of their armchair, sipping a cocktail as they peruse through Netflix.
Set Sail for Personalized Insurance Policies
As the Roman Stoic philosopher Seneca famously stated, “If one does not know to which port one is sailing, no wind is favorable.” Though he lived more than 2,000 years ago, Seneca’s words ring true today, especially when it comes to finding yacht club insurance. The modern world of insurance can be overwhelming with the sheer variety of options, but smart marina and yacht club owners not only know their business but also plan for the future.
Consider Your Needs
When beginning the search for comprehensive yacht club insurance, gather your company information together in a portfolio. Consider your company’s unique needs and how they can be best served by an insurance company. Some good facts and figures to have on hand include your company size, the types of seacraft and clientele to which you cater and your geographic location.
Searching for business insurance can be a challenge for new business owners. The large number of coverage options combined with the confusing industry terminology can make it difficult to come up with an adequate policy on your own. That’s why working with a reputable insurance agency in Needham is the best way to ensure that your policy truly meets your needs. As you seek out assistance, here are three foundational coverages that you should plan to include in your policy.
Property insurance covers you in case your business property is damaged or destroyed by a fire, storm, vandalism or theft. Items that can be covered by your property insurance include your building, equipment, furniture, computers and your electronic data.
Within the technological age, it has become necessary for nearly all businesses to find coverage with cyber risk insurance. While it is believed by many to eventually become a part of any standard insurance policy, it is currently the best choice to find a comprehensive stand-alone policy for cyber risks in order to get the best possible coverage. When searching for an insurance program with specified cyber liability protection, there are a few different parts of the insurance that you should look for when comparing different companies and policies.