Thursday, June 13, 2013, AM | 1 Comment
You have an idea and you want to start a business in terms of services or products or perhaps both. Before you do that, you ought to sit down with a business insurance agent and go over what kind of insurance you need for your business. As a business owner, you know that demand for your products and services is sometimes unpredictable.
However, one thing is for sure and that is the risk involved in running a successful business in terms of protecting your family’s assets, your clients, not to mention your reputation.
A few years from now, in retrospect, you want to be able to judge for yourself that without proper planning and protection, an unexpected event could destroy the business you have worked so hard to build over the years.
If natural or man-made disaster strikes, you need to have a recovery plan in place so you can get back to business as usual. Think about what would happen if you had a major fire, or an electrical storm destroying the dwelling’s wiring systems, or windows shattered by vandalism?
Now, there are a variety of insurance types available of which some are essentials you don’t want to run your business without. The two most important types are:
This is pretty much a straightforward insurance policy you must have and includes business’s physical structure and its contents which usually include inventory, office equipment, furniture and computers. It also includes business interruption insurance in the event you could not conduct business as usual.
No matter how careful you are, chances are one day your company may be the subject of a lawsuit. Liability insurance covers your business against claims and related expenses resulting from allegations of negligence. Even if you and your business are completely cleared of wrongdoing, a lawsuit can be extremely costly and time consuming. There goes the hoax you are innocent till proven guilty.
There are other types of insurance policies that you should think about having for your business:
Business auto insurance
It provides business insurance coverage for all kinds of vehicles used for business purposes.
It offers income and medical benefits for most workers who are injured on the job. Check with your state. It might be a state-mandated insurance that provides income, medical benefits and rehabilitative services for workers injured on the job or while performing work-related duties.
Professional liability insurance
It covers businesses for lawsuits involving professional negligence. Your business always runs the risk of being sued for malpractice.
In a Nutshell
Insurance is as important to cover your business as it is to cover your personal belongings. Review and refresh your business insurance every year to help you better protect yourself, your employees and your business.