Hardwood Floors December 2017/January 2018

Business Insurance (Continued)

PROPERTY AND CASUALTY INSURANCE Unlike health insurance, which protects people, property and casualty insurance covers the business – the owner, the business site, liability protection, and the physical assets that are vital to the success of your business. • Workers’ Compensation Insurance: If you or your employees become disabled due to an on-the-job injury or illness, workers’ compensation insurance allows you to provide wage replacement and medical bene ts to the a ected employee while protecting you and your business from costly liability litigation. • Business Insurance: ese plans include several policies that protect your business from circumstances that could negatively a ect your operations. Policies include property, casualty, liability, commercial auto, and more. • Cyber Insurance: It’s estimated that half of small- to medium-sized businesses have been hacked or had their systems compromised in the last 12 months. New types of coverage are available that protect your company’s digital assets in the event of a cyber a ack.

HEALTH AND RELATED INSURANCE Group and individual health insurance are about people – you and your employees. In the case of an accident or illness, these plans can help pay for quali ed medical care for the policyholder and their dependents. • Group Health, Accident, and Life Insurance: ese plans give yourself and your employees access to coverage including medical, dental, vision, life, and short- and long- term disability insurance. • Voluntary and Supplemental Insurance: Voluntary insurance allows your employees to help determine their own insurance bene ts, which they pay for out-of- pocket. Voluntary insurance may be used to establish your company’s bene ts package or supplement your current group bene ts. • Individual Medical Insurance: Individual medical insurance can help keep rising health care costs in check through health, vision, dental, life, and short- and long-term disability plans for you and your family.

ink about the inherent risks of your business and who you want to be covered. Take those thoughts to your broker so they can understand the story of you and your business and help you determine your insurance needs. One important thing to keep in mind is that if you take care of your employees, you are more likely to earn their loyalty. Investments in things like insurance for the bene t of an employee are typically valued greater by them than the relative cost to the business. In addition to the intangible bene ts of feeling like your employer cares about you, most employees cannot secure comparable insurance at the costs available to businesses. You get what you give and paying insurance premiums can give more than just a safety net when used strategically.

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Bree Urech-Boyle is Chief Financial Officer at the National Wood Flooring Association in St. Louis. She can be reached at bree.urech-boyle@nwfa.org.

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