BUSINESS JOURNAL EVENT

2008 Health Care Conference: Frontiers of Health Care

Wednesday, November 12, 2008, 8:00 a.m. - 11:30 a.m., Hyatt Vineyard Creek Hotel & Spa, Santa Rosa

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Insurance: Business insurance made simple

You have invested time, money and energy to get your business where it is today, so naturally you want to protect your business from unexpected events that could potentially have devastating financial effects. Finding the right business insurance for your company’s needs is an essential part of your business’ security.

Business Insurance Basics

One of the most fundamental Business Owner’s Policies (BOPs) is Property insurance, which protects your property, equipment and inventory from fire, theft or other types of damage. Most basic business property insurance policies will cover your building, furniture, equipment and supplies, construction, machinery, goods in transit, retail and wholesale businesses, farms, apartment buildings, business records, data and media and other operational property. Liability insurance is also important for businesses to consider to cover the potential cost of any damages or injury claimed against your company. And businesses are also legally required, in most states, to carry Workers’ Compensation insurance.

Beyond the basics, there are a myriad of specific policies available to suit almost every business need, including commercial vehicle policies; contract, performance or notary bonds; and policies that cover construction. It’s a good idea to research the types of policies that are available and to find a trusted provider who can help you find the right coverage for your specific needs.

Selecting a Provider

One of the best ways to find a provider that can meet your business insurance needs is to ask for referrals from others in your industry. Friends or contacts that you’ve made professionally, business partners and other colleagues in your field may have great recommendations for an insurance partner who specializes in your industry’s needs.

When shopping for providers, inquire about their service and claims procedures. You may also want to ask about packages and other discounts. Many insurance companies will bundle common business insurance policies together into a discounted package or will offer multi-policy discounts, saving you money if you keep all of your policies with the same provider. There may also be discounts for multiple vehicles, anti-theft systems, workplace health and wellness programs and more. You may also be eligible for discounts if you are a member of a professional association or other trade organization.

Keep it Current

Work with your insurance professional annually to make sure that you have adequate coverage for all of your needs and be sure to keep your policies up-to-date. If you purchase new equipment or vehicles, be sure to add them to your policies; conversely, if you reduce the number of vehicles or remove equipment, be sure to have those taken off your policy so you are not still paying to insure property that you no longer own. Keep your employee records current, and if you adopt new safety or wellness policies, be sure to let your provider know, as these could help you qualify for discounts. An annual review will also help uncover some of these business changes, so be sure to check in with your agent at least once a year. A good insurance partner will help you to stay on top of your coverage and get the best deals.

The professionals at RCU Insurance Services – a wholly-owned subsidiary of Redwood Credit Union – can help you ensure that your business and assets are protected today and into the future by working with you to develop a plan that provides the security and protection that your business needs to grow and succeed. You will be assured of personalized service and timely advice to help protect and manage your assets. With an extensive number of A+ rated insurance companies in our network, RCU Insurance Services can tailor an insurance plan to meet your needs. For a free quote or to learn more about RCU Insurance Services, visit www.redwoodcu.org and click on Insurance, or call toll-free 1-866-477-4225.

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Insurance products are not deposits of Redwood Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by Redwood Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Redwood Credit Union need not be purchased from Redwood Credit Union and may be purchased from an agent or an insurance company of the Member’s choice. RCU Insurance Services is a Redwood Credit Union company. Business conducted with RCU Insurance Services is separate and distinct from any business conducted with Redwood Credit Union. License no. 0D91054