The reasons to invest in business insurance are seemingly endless. For a host of reasons, business insurance could ultimately save you thousands of dollars and potential headaches. It can also impact the reputation of your business, which many consider priceless.
Business insurance consists of coverage that can minimize risks associated with unforeseen events. This can protect a shop, restaurant or company from monetary payouts from accidents or other events occurring during business hours.
There are many types of business insurance available for your specific needs including:
Commercial property insurance: This covers anything related to the loss or damage of your property due to events such as a fire, wind or snowstorms. There are different commercial insurances available including all-risk or peril-specific depending on the provider you choose and what your particular needs are.
General liability insurance: General insurance covers legal payments due to a customer being hurt at your site of business, libel, the cost of legal bills and other instances.
Product liability insurance: If your company distributes or manufactures products, you may be responsible for their care as well. If products are lost or stolen during this time, product insurance helps with financial losses a business can suffer.
Other types of business insurance include health, accounts receivable and insurance for key owners or essential personnel.
Before investing in business insurance, ask yourself the three following questions:
- What are the risks of my business?
- What exactly do I want covered and what do I not need coverage for?
- What have other businesses I know of, similar to mine, chosen for coverage?
Visit our Business Insurance page for more information. For a quick business quote, submit a Business Insurance Quote request.