Business Insurance You Will Need

Business Insurance You Will Need

If you are like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury.

Often home-based business owners assume they are covered under their homeowners policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business.

If you have been procrastinating on business insurance, consider this: small businesses are much more likely than larger companies to be devastated in the event of an unforeseen loss, and business insurance need not be costly. You can save money on a bundled business insurance package or lower your premiums by simply increasing your deductible.

Look at these four essential types of business insurance designed to protect businesses of any size.

General Liability Insurance

Protects business owners should they, an employee, product, or service cause personal injury or property damage to a third party.

Property Insurance

Protects business owners who own a building or other valuable assets (e.g., equipment, computers, tools, or inventory) in case of fire, flood, vandalism, or theft.

Business Interruption

Protects business owners from financial loss should business activity be suspended for a period of time (e.g. following a theft, flood, or other unforeseen loss).

Vehicle Coverage

Protects business owners for damage and collisions when vehicles owned or leased by the business are used by staff to perform their jobs or transport products/equipment.

Save Cash With a Business Owners Policy

Several factors come into play when determining business insurance premiums, including the type of business insured, location, gross revenue, and type of coverages required. A business owners policy (BOP) provides comprehensive coverage in a customizable bundled package, offering excellent value. This type of policy typically includes:

• Liability insurance
• Property insurance
• Crime insurance
• Business interruption insurance and
• Vehicle coverage.

Final Tips

When it comes to protecting your small business, your profit margins are not what should determine whether to get insurance. What matters is how great the impact would be to your business should something unexpected go wrong.

Get in touch with Sound Insurance Services to do a risk assessment for your business—then see exactly what kind of insurance you need.

If cost is a barrier to getting business insurance, take heart: your premiums may very well qualify as an end-of-the-year tax write off.