Insurance
Definition: A contract purchased to guarantee compensation
if a specified loss occurs.
There’s a tremendous variety of insurance available to you,
and some may be required by law depending on the type of business
you’re operating. Make certain that you’re adequately
insured to prevent your business from undue exposure to loss. It’s
wise to consult an attorney and a qualified insurance agent to arrange
for coverage that protects you without over-insuring your business.
You should also check Internet sites to verify that you’re
receiving competitive business-insurance quotes.
Types of insurance you may need to consider:
• General liability
• Professional liability
• Group (health, life, disability, 401k, dental, vision, long-term
care)
• Malpractice
• Worker’s compensation
• Property (commercial risk of direct physical loss)
• Business interruption
• Bailee coverage (for businesses that store property for
customers, such as jeweler, dry cleaner and furriers)
• Business income
• Crime (many area of coverage)
• D & O (directors & officers)
• Employment practices liability
• Electronic data processing
• Installation / builder’s risk
• Motor truck cargo
• Off-premise power failure
Click here for information on the GMCC ChamberCare program.
For a list of Greater Madison Chamber of Commerce (GMCC) members offering these services, click click here.
