Business Insurance

Why Purchase Business Insurance?

Those who own and operate businesses frequently find themselves vulnerable to a myriad of potentially damaging risks, like lawsuits from customers, illnesses, injuries, and other kinds of unpredictable losses. Should you be a small business owner, you will likely have put in a lot of time, energy, and, surely, money in building up your operation. It therefore makes (obvious) sense to safeguard such an investment with a good business insurance policy.

A quality business insurance plan can also pay out business owners for costs that often turn out to be significant due to the loss or damage of goods and/or equipment due to theft and other actions. For instance, if a product is taken during a burglary this plan can compensate you for any consequential financial losses. That which often falls under the purview of business insurance coverage will include computers, audio/visual and other types of equipment, furniture, appliances, and so on. And, of course, there are the company-sold products that also can be covered. Indeed, what makes this insurance coverage especially attractive for entrepreneurs is that almost any asset owned can be protected. This kind of exceptional financial protection can provide priceless piece of mind in the knowing that one’s future is secure.

For the small business owner who operates as an LLC, it is very important for him or her to understand that only personal assets are protected from business-related risks. Should an LLC type of business owner be confronted with a lawsuit, though his or her home and various personal property are safeguarded, only a business insurance plan can provide protection from any liability risk. Business insurance coverage can also protect policyholders from the financial damages arising from natural disasters. A plan can fully protect both assets and inventory from the losses that result from damage or total ruin due to a wide array of natural disasters. Even earthquakes or floods can be included in this coverage. Certainly, the costs of the restoration and recovery of a business that is damaged or destroyed by a quake or flood can easily overwhelm anyone who lacks this essential policy protection.

Other types of coverage offered:

General Liability – This is crucial coverage that financially safeguards one from the consequences of injuries that occur on the business’ premises, property damage, lawsuits, and accidents.

Commercial Vehicle – Under this aspect of plan coverage, vehicles that are necessarily utilized by a company to conduct business are protected from a myriad of kinds of loss. Remember that personal car insurance policies will not usually cover any work-related losses.

Property Damage – This financially safeguards a business’ equipment, its physical structure and its goods and inventory, and more. Business Interruption Protection: If a business owner finds himself unable to keep his doors open due to some type of covered loss, this is what will compensate him or her for lost revenue during the time in which the business can’t operate.