There are all kinds of insurance for all kinds of different things. If you own a business, you have undoubtedly thought about getting business insurance.
Businesses need several different types of insurance to protect them from financial ruin; the decision between getting insurance or not is the decision between whether you, your company and your employees are safe or at risk of losing hard earned money. Having business insurance ensures that you will not be left out of pocket if you encounter a disaster that effects your business operation either from damage to property or loss of finances. It is important to protect your business with different types of insurance that will keep you and your business protected in several ways.
Property insurance will protect your building and the supplies within it if there is a robbery or fire. If your store has been attacked by vandals or a fire has damaged the property or items within it, property insurance will have you covered. This type of insurance is one of the most important, in fact, it’s vital.
Worker’s compensation insurance is the next step and is of utmost importance especially if you employ a large number of people. This insurance will give the employee certain benefits such as money to help with medical bills and other expenses. A worker cannot sue you if they accept the benefits of worker’s compensation protecting you from a potentially damaging lawsuit.
Similarly, General liability insurance protects your business from customers or others who are trying to sue you for any reason relating to your products. Going through a lawsuit has the potential to ruin your business, the fees are expensive, but there is also the negative press you and your business will receive. Beyond lawsuits, it can also cover you if someone is suing you for injury.
Many companies offer a variety of business insurance options, like McKenzie Ross Insurance Brokers. While you can hope to never need business insurance, it is better to be safe than sorry because going without it could be disastrous.
You can never be too safe! A gym on my block recently burned down b/c a component in the sauna ignited. He had insurance, but not enough. Now he’s got several lawsuits to deal with.
It’s a very interesting topic, Christopher. It’s dream of mine to put up a business in the future so I really enjoy reading posts like this one.
Great post! Concise and to the point. If you’re trying to save money on insurance, give your local agent a call and see what areas of your policy are un-necessary. And discuss what coverage you may need that you don’t already have.