A new Web site sponsored by the Insurance Information Institute in New York is offering tips to help small and medium-sized businesses understand their insurance needs, I.I.I. said.
With over seven million small businesses in the U.S., ranging from construction firms to grocery stores to home-based businesses, each one faces the possibility of being wiped out by either a disaster or a lawsuit, said Loretta Worters, I.I.I. vice president.
Moreover, almost all businesses are accountable for the safety of their workers and bear responsibility for injuries suffered on the job. "This resource was designed to help businessowners decide what kinds of insurance they need for their particular business," she said.
The guide, which can be accessed at http://www.iii.org/smallbusiness, provides information on what coverages businesses should consider such as a businessowners policy, as well as what businessowners should know about risk management and loss control.
The Web site also features a section on insurance for specific businesses including artisans, contractors, business offices, construction, e-commerce, farm or ranch, and food service businesses.
"A business that is indifferent to loss control may have a higher than average number of insurance claims," Ms. Worters said. "A really poor loss history can make it difficult to find insurance."
Conversely, businesses that actively manage risks, and thereby control losses, will have fewer claims and will often see those efforts rewarded with lower insurance premiums, she said.
Ms. Worters noted that the new Web site also provides information on the insurance coverages available, including property insurance, liability insurance, business auto and workers' compensation insurance. "Purchasing the right amount and the right type of insurance coverage is critical to long-term business success," she said.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.