Читать книгу Start & Run a Coffee Bar - Tom Matzen - Страница 82

It is important to consider all criteria to determine the best type of insurance for you and your business. Your major goal should be adequate coverage, avoiding both over- and under-insurance. To achieve this, periodically review your situation and keep your agent informed of any changes in your business that could potentially affect your coverage.

The following principles will help you plan an insurance program:

(a) Identify the risk to which your business is exposed.

(b) Cover your largest risk first.

(c) Determine the magnitude of loss the business can bear without financial difficulty, and use your premium dollar where the protection need is greatest.

(d) Decide what kind of protection will work best for each risk:

• Absorbing risks

• Minimizing risks

• Insuring against risks with commercial insurance

(e) Insure the correct risk.

(f) Use every means possible to reduce costs of insurance:

• Negotiate for lower premiums if loss experience is low

• Use deductibles where applicable

• Shop around for comparable rates and analyze insurance terms and provisions offered by different insurance companies

(g) Risk exposure changes, so a periodic review will save you from insuring matters that are no longer exposed to the same degree of risk. Conversely, you may need to increase limits of liability. Review can help avoid overlaps and gaps in coverage, and thereby keep your risk and premiums lower.

(h) If you are pleased with a particular broker who can handle your various forms of insurance, it is preferable to be selective and have just one broker company. An advantage of the larger broker firms is that they have a pool of insurance professionals, expert in various areas, that you can call on as resource people.

(i) Attempt to keep your losses down in every way. Although your business may have adequate coverage, losses could be uninsurable, exempt from coverage, or have a large deductible. Problems with insurance coverage could seriously affect the survival of your business.