If you are a business owner, it’s important to remember that accidents happen. Fire, falls, wrecks, sickness, and even death occur to individuals and businesses alike. Business insurance is a crucial part of your company’s overall financial health and stability. Regardless of how big or small your company may be, here are some things you should keep in mind when thinking about business insurance.
Understand the Coverage
Business insurance includes all of the types of coverage that is available to protect companies and their owners from loss. Business insurance can help you cover your property and business vehicles as well as insure against legal claims that could be filed against your company. These types of claims might include anything from liability for injuries occurring on your property to liability for worker’s compensation. Business insurance can also help you provide health insurance for employees, so make sure you are well aware of the options you have in front of you.
Why You Need Business Insurance
Big or small, new or old, all companies need the protection of business insurance. Even if your company has huge assets to help protect you in the event of a lawsuit or other catastrophe, there is no way to know what types of challenges could face your business in the years to come. Although being incorporated does help protect you from some of the personal liability, there are still great risks involved without business insurance.
The reason for this is that no one is above loss. Lawsuits, garnishments, and other financial challenges can happen to any corporation under certain circumstances. This is especially true for small-business owners. The smaller the business is, the more likely you would be personally held liable through your own personal assets. One large setback of this nature could be a fatal blow to the success of your business.
What Types of Coverage Are Available?
There are a few main types of business insurance that you should consider. Below we have listed out a handful that are the most common and provide the most immediate coverage that businesses need.
- Property and Casualty Insurance
- Commercial Auto Insurance
- Liability Insurance
- Product Liability Insurance
- Business Interruption Insurance
- Health Insurance
- Life and Disability Insurance
- Workers’ Compensation Insurance
The Advantage of Bundling
A Business Owner’s Policy (BOP) can offer a combination of these types of coverage. A BOP is usually appropriate for the small-to-medium-sized business. It is often less expensive to bundle these types of coverage into a BOP rather than trying to purchase each plan separately. There are also coverage options such as home/office policies for home-based businesses which can combine homeowner’s and business insurance.
Helping You Stay Protected
Finding an insurance professional who can handle your personal business needs is essential to getting the best possible policy for you and your company. At Spickelmier Insurance, we do careful research into each plan that we offer, to make sure that the businesses we cover have the protection you need. Call us today at (877) 591-1525 to learn more about how our agents can help you protect your business.