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BUSINESS INSURANCE 101
Choosing the "Right" Business Property/Liability/Workers Compensation/Employee Benefits
Let's go right to the "bottom line." Successful businesses achieve profit which is income that exceeds expenses. Cutting costs can be just as helpful to achieving profit as increasing income. Every business owner faces an expense "line item" called insurance. And the insurance "line item" for a business is significant percentage of the "budget."
Business owners' Property and Casualty commercial insurance includes insuring for liability as well as property. Many business owners have not conducted a regular review of their equipment and property and are many times grossly underinsured for business property replacement cost. So the surprise comes about at claim time.
As with California car insurance, it is California Law that requires business owners carry Workers' Compensation insurance. We all know that Workers' Compensation costs are high; however, many employers have not "classified" their workers correctly; many have employees submitting fraudulent claims which could possibly be circumvented by proper claims management as well as a good safety and risk management program.
Add your Workers' Compensation insurance price tag to what you may be paying for employer-sponsored health insurance and other employee benefits. Chances are your total insurance costs are one of your highest budget "line items." What is your overall strategy for dealing with health insurance costs that double every five or six years? What expertise and/or advice is your broker giving you? Has your broker told you there is one major health insurance carrier that also owns a Workers' Compensation Company and will further discount Workers' Comp if you take their health insurance?
The Fred Simmons Insurance Agency will help you choose Business owners' insurance coverage most suited for you. "Insurance of Value" - "smart" coverage for the "right" price!
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