Personal Insurance for Business Owners
Business insurance, for property, liability and business interruption is something all business owners need, and most have. But what about personal insurance? Business risk actually carries over into the personal realm for business owners, and because of that, business owners should consider personal insurance needs differently than your average consumer.
As an independent insurance agency, Wilson, Timmons & Wallerstein Insurance, Inc. represents several top rated insurance companies. That gives us the flexibility to craft the right insurance program for most any business owner. Contact us today for a free personal insurance review and consultation.
Five Personal Insurance Policies Business Owners Should Understand:
- Auto Insurance: Obviously you need insurance for your car, both for vehicle damage that an accident or mishap might cause and for liability if you damage the property of others or an injury. But you may occasionally use your vehicle in the course of business; for that and other reasons, your personal resources, and personal insurance coverage, could come into play even when a vehicle accident occurs during business activities. Higher car insurance liability limits are something that should be seriously considered by any business owner.
- Home Insurance: As with car insurance, you should probably be carrying higher liability limits on your homeowner policy. Additionally, home insurance policies limit the amount of coverage for business property kept at home. Your commercial property insurance may cover business property at home, or between home and work, but it is a good idea to compare that commercial insurance coverage with what your home insurance policy provides and make adjustments to both policies as needed.
- Umbrella Insurance: This kind of policy, as the name suggests, provides a layer of insurance coverage, specifically liability coverage, above the levels of protection afforded by auto and home insurance policies. Often, insurance companies will not offer the levels of liability coverage business owners need in a home or auto insurance policy. Enter the umbrella policy. As a business owner, you probably should have one.
- Disability Insurance: Most businesses will function well enough if an employee misses an extended period of work. But if that employee is a key employee, that may not be the case, and most business owners are key employees. If the your business is unable to generate enough profit to cover the income necessary to pay personal bills, employment interruption repercussions can reach deep into your personal life. Disability insurance can reduce this risk.
- Life Insurance: The rationale for life insurance is the similar to the considerations for carrying disability insurance. Most people, business owners included, need to have life insurance to provide for living expenses, education costs, retirement income, and so forth, for surviving family members. Business owners may also need to secure additional life insurance to perpetuate business activities in the absence of the owner.
Contact Wilson, Timmons & Wallerstein Insurance, Inc. today for a consultation and proposal for your personal insurance needs.