• A checklist can help you make sure you are getting the proper coverage.Kreuz image by Michael S. Schwarzer from Fotolia.com
  
  In the business world, you always need to be prepared. That preparedness extends to the unthinkable, which is the reason individuals purchase insurance. When you are in the process of purchasing a commercial insurance policy, make sure you know exactly what is covered. Doing this can help you make necessary adjustments, like adding flood insurance, so you can have peace of mind knowing you are protected in the event of a mishap.
  
  

Cover Your Employees

• If you have employees, workers' compensation insurance helps cover any medical expenses and lost wages if a worker contracts an on-site illness or gets injured at the workplace. The rates you pay for workers' compensation insurance depend on the type of business you own, the risks involved with working for your company and employee payroll. Consequently, it is to your advantage that all this information is correct when you purchase a policy or you could end up higher premiums or risk being under insured.
  
  

Cover On-Site Accidents

• It is important to have liability insurance because this is what offers protection in the event an individual receives an injury at your place of business or there is non-vehicular property damage. This type of insurance helps pay for related medical expenses and court costs. When purchasing a commercial policy, Lappan Agency, Inc., recommends you make sure the paperwork has the right information on it regarding the type of business you run, products and services offered, your gross sales and payroll information because these factors help determine the premium you will pay.
  
  

Cover Your Property

• If your building and the contents within it are stolen, succumb to a fire or receive other types of damage, property insurance would help cover the expenses of recovering those losses. Not all property insurance policies are created equal, and, according to Family Business Experts, you may need to purchase separate policies to cover events such as earthquakes. Water damage also is not covered in many property insurance policies, and the Federal Emergency Management Agency recommends you add this type of coverage to your policy. When an insurance agent is creating a policy for you, make sure he has the accurate information regarding the value of the building (if you own it) and the contents within it.
  
  

Cover Your Money

• If an employee is responsible for managing the books or handling cash, employee dishonesty coverage, also called fidelity insurance, offers coverage in the event of an employee crime. Dishonest employee acts fidelity insurance may cover include forgery, embezzlement, computer fraud, theft and counterfeiting.