{"id":172,"date":"2019-05-23T02:52:34","date_gmt":"2019-05-22T21:22:34","guid":{"rendered":"https:\/\/www.plancover.com\/insurance\/?p=172"},"modified":"2021-07-08T09:21:46","modified_gmt":"2021-07-08T03:51:46","slug":"things-to-consider-when-planning-your-business-insurance-portfolio","status":"publish","type":"post","link":"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/","title":{"rendered":"Things to consider when planning your business insurance portfolio"},"content":{"rendered":"\r\n<p><span style=\"font-size: 14pt;\">One of the first things that business owners have to deal with is getting their venture insured. Ups and downs in business are a constant, but dealing with this constant swing in fortunes can be taxing for you as well as for your business. Insuring your business is one way to add a layer of financial security, in times of unexpected mishaps and distress.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Having to pay out of your own pocket, in emergency situations, can potentially burn a huge hole in your personal and your company\u2019s finances\u00a0. To avoid becoming a part of that scenario, the best bet one has is to avail the different insurance coverages for your business, that would waiver your legal fees, and cover most, if not all damages.<\/span><\/p>\r\n\r\n\r\n\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a0082fe8478f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a0082fe8478f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Key_business_insurance\" title=\"Key business insurance\">Key business insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#What_is_a_business_insurance_portfolio\" title=\"What is a business insurance portfolio?\">What is a business insurance portfolio?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Understand_your_business_sector_and_then_plan\" title=\"Understand your business sector and then plan\">Understand your business sector and then plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Seek_help_from_experts\" title=\"Seek help from experts\">Seek help from experts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Weigh_in_all_available_options\" title=\"Weigh in all available options\">Weigh in all available options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Assess_all_potential_threats_to_your_business\" title=\"Assess all potential threats to your business\">Assess all potential threats to your business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Do_not_procrastinate\" title=\"Do not procrastinate\">Do not procrastinate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Do_not_miss_the_fine_print\" title=\"Do not miss the fine print\">Do not miss the fine print<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.plancover.com\/insurance\/things-to-consider-when-planning-your-business-insurance-portfolio\/#Work_beyond_the_purchase\" title=\"Work beyond the purchase\">Work beyond the purchase<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_business_insurance\"><\/span><strong>Key business insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">When running a business there are several things that you have to remain mindful of. There are various aspects of a business that should be insured; here are some staple coverages that all businesses need:<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">1) <strong>General Liability Insurance:<\/strong> It provides financial coverage to the company, in case a legal lawsuit is filed against it by a third party. This plan\u2019s coverage includes compensation for the expenses arising from the company\u2019s legal defence costs and settlement costs.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">2)<strong> Business Interruption Insurance:<\/strong> At times businesses may face a temporary shut down of processes. The business interruption insurance provides coverage for the loss of income and extra costs of running the business at such times.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">3) <strong>Workers Compensation Insurance:<\/strong> This provides financial support to the workers who suffer from an illness or injury due to the nature of their job.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">4) <strong>Commercial Property Insurance:<\/strong> Insuring the business property (building, office premises, machinery, equipment, etc) is important because property damage could be an expensive cost to recover from. There are numerous sources that can pose as a threat to property, like vandalism, fire, flood, theft, malfunctioning of resources etc.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Having an incomplete coverage plan can result in you paying out of your pocket, or adding to the financial expenses that the company needs to bear. To avoid being in such a situation, it is best suited for a business to formulate and plan a business insurance portfolio.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_business_insurance_portfolio\"><\/span><strong>What is a business insurance portfolio?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">An insurance portfolio is simply, the entire insurance plan of a business. A business would have different insurance plans to protect different aspects. Each plan policy may vary in terms of investment, premium amount, premium frequency and the number of years of the policy. An insurance profile can be a reflection of how well a business is prepared for risks or how vulnerable it is at a given point.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Here are some pointers to guide you in planning an effective business insurance portfolio:<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Understand_your_business_sector_and_then_plan\"><\/span><strong>Understand your business sector and then plan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Before picking an insurance coverage for your business, it is imperative to understand the requirements of your business, and the different aspects that will need coverage. No two businesses are the same, as the demands vary from one place of work to the next. In order to avoid overlooking essentials, it proves to be beneficial to be able to chalk out a plan for your business. Understanding the various threats and risks that your business has to undergo comes handy while making a plan.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Seek_help_from_experts\"><\/span><strong>Seek help from experts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Knowing about the requirements of your business is key, but understanding how to align your business insurance portfolio to your business needs is tricky. Taking help from third party brokers, CAs, accountants and other experts is a great way to ensure that no aspects of your business are missed out. Having a professional help you with insurance will further open ways for you to save money, and get access to perks and hacks that will help your business in the long run.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Weigh_in_all_available_options\"><\/span><strong>Weigh in all available options<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">There are a large number of insurance providers in the market, but your goal should be to seek the one that fulfills all the aspects specific to your business. Different insurers provide different price points, coverage limits, and varied conditions and terms. Planning thoroughly, complete with a list of risks, and all kinds of covers can help you attain the best deal available.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assess_all_potential_threats_to_your_business\"><\/span><strong>Assess all potential threats to your business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">As aforementioned, all business have different risks and threats- some geographical, some related to the nature of work. For example, a factory in Assam faces the risk of an earthquake and requires insurance to protect its assets with property insurance or a temporary shut down with business interruption insurance. Similarly, a clothing store and a fast food restaurant have no common risks- and that is why their insurance coverage will be different.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Insurance coverage should help your business cope with the withstanding trauma, and not increase it by you having to go out of your way to reimburse all kinds of expenses. Therefore, before investing in a plan one should monitor and list all factors that could alter the flow of business.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_not_procrastinate\"><\/span><strong>Do not procrastinate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Getting insured might seem like a lengthy process, but it is rewarding. A calamity could strike anytime. It is important to get your business insured even before the business operations start. 40% of businesses are not able to withstand accidents or incidents due to lack of proper coverage.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_not_miss_the_fine_print\"><\/span><strong>Do not miss the fine print<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Often times the terms and conditions of a plan are overlooked, but in the context of insurance, overlooking the minute exclusions is like setting yourself up for failure. No single policy can be a perfect fit for your business. It takes a lot of research and several policies for your business to be fully insured.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Work_beyond_the_purchase\"><\/span><strong>Work beyond the purchase<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">The duty of a company does not end after purchasing a business insurance. Regular reviews of the policy should be conducted so that it can be altered at the time of renewal according to the changing work environment. This way you can stay updated with the insurance market offerings, and also add and subtract from the policies to be able to experience all the benefits of insurance. If your business is constantly evolving, so should your insurance plan.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 18pt;\"><strong>Group Health Insurance<\/strong><\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">When companies and businesses opt for Group Health Insurance, they not only get tax credit but also save a lot of money. Individual insurance is exponentially higher in amount than group insurance.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Group insurance also makes the employees feel more at ease, as generally their families are covered in the same via extension. A worker who is more at peace at work will ultimately be more productive. Group insurances help both the company and the employee.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Having a strong business insurance portfolio will allow your business to thrive and keep you away from worry. If a catastrophe ever strikes, your business will have a plan of action if your business insurance portfolio is up to date. Following these pointers will further help understand and reevaluate your business portfolio. For further information, visit our <a href=\"https:\/\/www.plancover.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">website<\/a>.<\/span><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>One of the first things that business owners have to deal with is getting their venture insured. Ups and downs in business are a constant, but dealing with this constant&#8230;<\/p>\n","protected":false},"author":2,"featured_media":184,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[10,12,8],"tags":[2],"_links":{"self":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/172"}],"collection":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/comments?post=172"}],"version-history":[{"count":4,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/172\/revisions"}],"predecessor-version":[{"id":537,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/172\/revisions\/537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media\/184"}],"wp:attachment":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media?parent=172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/categories?post=172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/tags?post=172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}