Meeting Your Insurance Needs Before choosing an insurance package, analyze your needs.

Despite the proliferation of "package policies,"insurance is not a one-size-fits-all issue. You need to understandwhat your risks are, how much liability you can handle, and whatyou need to cover. Some issues to consider:

  • Do you own or lease your property? As an owner, you'reresponsible for the building and its contents. As a renter, youneed to cover your equipment, supplies and inventory.
  • Is your work performed solely in your office or plant , or doyou routinely travel with equipment and inventory or workoff-site?
  • What is the likelihood that your product could cause injury ordamage? To what degree?
  • Have you made provisions in case you suddenly die or becomedisabled?
  • Do you have employees who work from their own homes or takeequipment or materials home with them?
  • Are there other businesses you depend on but have no financialinterest or control in?
  • Does your company own vehicles, or do you use your personal carin the course of business?
  • What types of personal insurance, such as medical, disabilityand life, do your employees need?
  • How important is insurance to your ability to offer acompetitive compensation and benefits package in order to attractand retain high-quality employees?

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