GT Insurance Blog

Insurance problems and cures

What can kill a small business, and is insurable?

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1) Being sued. Even mid-size businesses have trouble visualizing that a slip and fall case can put them out of business.
1 a. Physical injury. Especially from driving a vehicle on business.
b. Product or installation problem.
c. Professional service problem
d. Employee practices problem. (See an attorney about keeping your 1099 relationships straight.)
2) Inadequate insurance limit for the business’ property.
2 a. Building cost to replace increased or space added without telling insurance company.
b. Content or merchandise values increased and were not increased on the policy.
3. You changed your business or took on more risk and did not realize it or tell your insurance advisor.

4. Death or disability of an owner or key employee.

5. You did not stop to think, once a year at least, about what could happen. For example, damage from surface water is not covered in many cases. Easy to fix but tough to take the loss if you don’t stop to think.

Written by gbwinsurance

May 6, 2010 at 10:04 am

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