Being a business owner usually means lots of hours of stress, sweat and tears every day in order to grow and expand your organization to a place of profitability. After all that, you certainly don’t want to have it all come crashing down due to an event that is beyond your control. This is why small business owners are well advised to have proper insurance coverage for their companies. It would be helpful to find out all you can about what business insurance is and how it can help you, your family and your business.
This kind of insurance is designed to protect your business against many types of loss and potential damage. It also is there to protect you as the business owner from financial risks such as an injured employee, an employee’s death, a natural disaster or some form of litigation.
Coverage and cost varies among the many insurance providers, but the largest determining factor of cost and coverage comes down to the size of your business and what your particular wants and needs may be. Here are the kinds of insurance coverage you as a business owner might consider when purchasing insurance.
Liability Insurance protects you and the business from lawsuits. It helps to compensate you for legal fees and medical expenses that may come about from a loss or a claim that is filed against you. Should your company also use vehicles to conduct your business, you may be well served by a policy for your vehicles too. Property liability insurance is essential if your business makes or markets products. Property Insurance is the kind of coverage that protects your property from any damage resulting from such events as fire, theft or vandalism, and losses due to bad weather. Business Interruption insurance covers any loss of profit or revenue you may experience as a result of a covered loss. This is very helpful as it will assist you in paying your employees and your bills in times of crisis. Workers compensation insurance is the kind of insurance that covers employees, providing them with benefits should they be injured while working. Health Insurance is also for employees and may be mandated depending on the number of employees.
Talk to an insurance professional to get the information you need to make a decision that fits you and your business perfectly. Protect that which you have worked so hard to build.