Ask Yourself, Then Your Agent!

There are many circumstances which arise while conducting business which require additional insurance if you are to protect your company. First, ask yourself if any of the following situations apply to your business, then contact your local insurance agent to see if your business is as protected as well as it should be.

• Do you have any equipment/merchandise essential to your operations kept offsite in storage?
If yes, is that location listed on your insurance policy to be properly covered if something were to happen at that offsite location? (Fire, Wind, Water, Theft, etc.)
• Does your company store personal information for services such as names, addresses, dates of birth, driver’s license information, Social Security numbers, or save past payment information for ease of future use?
If you answered yes to any of these, ask your agent if you have Data Compromise or Identity Theft Restoration in the event of a data breach or stolen information.
• Do you provide advice or guidance to other individuals or business owners to better any aspect of their regular functions?
If your job in any way provides advice as a consultant, you need professional liability/errors and omissions coverage which is different than the liability coverage provided by your basic office policy. Ask your current agent about professional liability coverage.
• Does your business require that you or your workers transport tools and equipment to and from jobsites to perform the services rendered for your business? Does your insurance policy cover those tools/equipment offsite?
Basic policies have contents coverage, but it does not extend to items and equipment offsite. If it is not built in, then it would need to be added on as an endorsement.
• How would your business operate if you or one of your key employees were disabled and were unable to work? What if you, as the business owner, were to die unexpectedly?
Having a backup plan in place to continue business operations while one of the major contributing forces is out of commission is critical. Protecting the business assets and transitions in these unexpected cases is not something anyone wants to think about, but desperately need to consider.

Some things can be avoided by caution, but others are unavoidable. In many cases, by the time you ask yourself these questions about protecting your business it is too late. The sooner the better. It is just as important to properly protect your business as it is to ensure that the business operations are functioning properly. Thinking about the “What if’s” can be stressful. Wouldn’t it be better to have questioned yourself and your agent about the “What if’s” before something happens instead of asking, “Why didn’t I know?”
Asking those pesky questions of yourself, your employees and your agent can save you from putting your business at risk!

Story by Ted Heaton, State Farm Insurance

With clients all over Texas, Ted Heaton III is an experienced insurance agent with nearly 35 years experience handling a wide variety of insurance needs while providing hands-on customer service. He has several State Farm honors including Lifetime President’s Club and is a nine time Trophy Winner.
For more information, visit www.tedrocks.net.”

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