Business Insurance

As a business owner, you may understand the many risks that you face on a daily basis. Everything from a lawsuit filed against you by an unhappy customer or an employee who has been injured on the job to loss of income related to natural disasters or theft, there are countless events that can result in financial loss to your company. While you may take steps to minimize your risks in these areas, the fact is that they can and do occur from time to time. Business insurance is available to compensate you for these expenses.

There are several types of business coverage that you can purchase. Some of the more basic types cover you for liability, and there are typically maximum limits in place per event. Other types of coverage may supplement your income and pay for some or all of your expenses if your business is displaced due to fire, flooding or other events. The benefits may pay for your overhead like employees’ wages and insurance payments even when your income is limited or eliminated for a period of time. You may consider the fact that some of these coverages correlate closely to property insurance, so you may consider reviewing your coverage in detail with an insurance agent. Generally, business insurance relates to the liability and potential loss of income that your company itself is exposed to.

When you purchase business coverage, you should keep in mind that you generally will need to pay a deductible when you file a claim. The amount of the deductible can vary significantly, but you should ensure that the deductible is affordable for your company to pay at any time. Furthermore, you should ensure that the length of time that the benefits will be paid per event is reasonable. For example, loss of income coverage for theft of inventory for 30 days may be suitable, but loss of income coverage for a fire event may need to be in place for a longer period of time. Because of how important this type of cover is, you should consider reviewing policy options and optional coverage to set up coverage that is ideal for your needs.