Building a small business takes vision, hard work and an eye for detail. There are a hundred things to keep track of, and new challenges every day. It’s tempting to focus on the immediate issues and forget about the rare but significant risks that threaten any business. That’s where business insurance comes in. For a small initial investment, business insurance guarantees you financial protection if your business runs into unexpected difficulty. An appropriate insurance policy protects your business against three of the most costly threats to its survival.
- Property Damage
A robust insurance policy will protect your business against the impact of disaster, whether from a leaky water pipe, a weather disaster or vandalism. It will protect your bottom line during periods of unavoidable closure for repairs as well as provide you with the cash to replace what has been damaged or destroyed. Not only does your insurance policy protect your inventory, including raw materials and display/marketing materials, but it also protects the physical plant, including buildings, structural systems and even signage and outdoor lighting. It is easy to imagine that property damage coverage won’t be necessary–after all, how often do these disasters occur?–but when you think about how much work you have put into your business and how much is at risk, you can see how essential it is to have these investments insured. Property damage is almost always unpredictable and very expensive. Business insurance lets you stop worrying about what might happen and pay attention to growing your business.
- Vehicle-Related Losses
Just like your personal automobile, your business vehicles need insurance too. If your business involves travel to deliver goods or services, those vehicles are potentially a source of liability to your company if they are damaged. You need to know that your business vehicles are covered if they are hit by an uninsured driver. You also need a business insurance policy with enough coverage to replace your vehicles quickly after an accident, to protect your ability to deliver as promised. Your drivers also need protection in this section of your business insurance policy; if they are the victims of an accident they will need to be able to pay their medical and other bills while they recover. It’s easy to assume that your drivers and vehicles will be safe on the road; business insurance lets you provide protection for them in case the worst happens.
- Legal Liability
If a customer is dissatisfied with your business’s performance, your business may be sued for more money than you can easily afford. A strong business insurance policy protects your business in the event of a high-dollar lawsuit, so that you can remain in operation after the suit has been settled or paid. Business insurance not only provides funds to settle or pay in case of a lawsuit, but it can be structured to cover attorney’s fees (including consultations and retainers) and other legal costs that may be part of doing business.
Business insurance isn’t fun to think about, or to pay for, but it is an essential protection for the business you have worked so hard to build. Like your car, your house or your health, your business is something you can’t afford to lose. Business insurance policies allow you to secure your investments against potential loss so that you can relax and stop worrying about what will happen if disaster strikes.
With this peace of mind, you can focus on your business’s operations and growth, knowing that your business insurance is keeping it safe. As you manage all the active aspects of your business, be confident that its continued growth and expansion are protected by wise insurance decisions.
Do you have questions about how to design the best insurance protection for your business? Let us know, and we’ll help you get started.
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