Mark E. Buckley

Insuring Your Business

Contact your insurance agent to advise you on the proper coverage for your business

If you have a commercial asset, it should be on a commercial policy. Very often business owners will keep their cars on personal policies because of the costs. In fact you might pay $2000 instead of $1000 by switching to a commercial policy. However if you have a claim, there is a good likelihood that the claim will be denied because you are using the vehicle commercially. Then the $1000 policy you have is worth nothing. That is really expensive. Question yourself about your decision making. Would you rather pay $2000 for something or $1000 for nothing.

The most important exposure you want to insure is liability. Liability occurs if something happens because of a car accident, work accident, or any negligence on your part. You should try to have the maximum liability limits that you can afford.

Property coverage should be retained or minimized to save money. Of course you should insure your new $50,000 truck with full coverage. However insuring a few thousand dollars of tools or equipment is not necessary. Use the savings to purchase higher liability limits.

To optimize your coverage and minimize your costs, remember " Do not risk a lot, to save a little."