Wolf Administration Provides Small Business Owners Information to Protect Their Investments
Pennsylvania Insurance Department Consumer Liaison
"Small business owners put tremendous time and energy, as well as money, into their companies, and it's vital they also take the time and financial resources to protect their businesses by having the insurance coverage they need," Buono said.
The Small Business Seminar was co-hosted by state Representative
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"Home-based business owners need to think about equipment or business inventory they have at home, whether items for the business are delivered to their home, and if they keep customer records or other customer-owned items on a computer or hard copy file," Buono said.
Other issues home-based business owners need to consider are whether customers visit the home and whether employees work there. Both situations could require liability insurance coverage for any injuries. Business insurance may also be needed to cover lost income if the home is damaged by a fire, storm or other incident.
"Another key consideration is whether you or your employees drive a vehicle for your business," Buono said. "Most personal auto policies will not cover losses if the vehicle is being driven for commercial purposes, and it's important business owners inform their auto insurer if they use personal vehicles for business."
Contacting the business' insurance company as soon as possible after storm damage is important when filing a claim, as is keeping good records of damage as well as of insurance company representatives with whom contact was made. Video or photographs is very helpful for documenting damage.
Buono noted the
"Small business owners have so many things on their minds that insurance can easily get lost in the shuffle. But proper coverage is vital to protect the business in which so much has been invested," Buono said.
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