There are few simple facts in the world, one is that it’s important to insure your small business. Many small business owners think that insurance is an expense that is they cannot justify or afford. Although it can be pricey it is something that should be budgeted for and considered essential.
Commercial Insurance or Business Insurance protects you from a variety of issues and can be tailored for your needs. To go over all of the kinds of protection you can get in this would be onerous, it would be wise to speak with your insurance broker to go over your options and to find out what is best for your business.
Here are some examples of what is/can be covered for your small business;
With what we have seen recently with wild fires and hurricanes there will be uninsured businesses that will have to close due to these disasters because they did not have coverage. When a business is covered for these and other kind of disasters the duration you may be closed will be temporary rather than permanent.
It simply is the fact that we live in a litigious society and people, customers and vendors will take advantage of it. A simple slip an fall could end you up in court and possibly even financially ruined. Liability insurance can cover accidents on your premises, car accidents in a company vehicle, product issues and other mishaps that can occur during your regular business hours.
You only need to turn on the news and see the looting happening during any disaster to know that theft from businesses can be done by anyone. Items like electronics, office furniture and equipment, construction materials and even perishables have been known to be stolen from business. Having replacement insurance can mitigate the the financial losses attributed to theft.
Any owner of a business is not immune to illness or injury. All business owners should have personal insurance as well as business insurance. Medical insurance will insure that any medical costs do not wipe out your business assets.
With the many types of issues that could and can happen to any business, it is no surprise that there are many different kinds of insurance that a business could have.
As simple as it sounds, it protects your property in event of damage, destruction or theft.
Protects the contents as your business location. If you are a tenant of a space the property owner probably has property insurance so that will not be something you would need but you will still need to insure your property inside the space.
If your business is closed due to a claim from a cause that your business is covered for then this will assist you with the recovery process.
It seems that it would not need to be said but, businesses that own vehicles will require insurance for said vehicles.