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Business Insurance


When you are an owner of a business, one in which you’ve put in time, blood, sweat and proverbial tears, you want to be sure that you are properly protected from the many kinds of covered losses inherent in such an enterprise. This all boils down to you obtaining the right and proper kind of insurance coverage that can protect you and your assets and revenue. Business insurance is a complimentary kind of coverage that enhances any other kind of policy you may already have in effect and allows you to do your business without the fear of catastrophic losses.
Essentially, this specific kind of coverage provides liability protection for a wide range of potential events. The correct combination of coverage will suitably protect the property, assets and bottom line of your business.
Many owners of businesses who incorporate or file to become LLCs may erroneously think that these legal structures provide adequate protection against loss. The truth is that forming an LLC or incorporating your business will only protect your personal assets from being effected in any business losses. If you want to protect your actual business assets from potential financial loss, then you will need to purchase this kind of insurance. Every company, no matter the size or kind, can greatly benefit from this kind of policy coverage.
For example, if one of your customers takes out a lawsuit against your company claiming your company did damage while on the customer’s property, then this additional liability coverage will help pay what can be exorbitant legal costs and any settlement that might be won against you. This coverage deflects the financial responsibility away from your business and also helps to significantly reduce financial risk.
The main kinds of this insurance are the following:
• General Liability – This portion of the coverage protects you against any legal actions and potential damage to a customer’s property.
• Product Liability – Should your business manufacture a good or distribute other firm’s products, this is the kind of coverage you will likely need. Should a client be hurt or if he or she has property damage resulting from a product defect, then this insurance is what helps you to pay for any losses.
• Professional Liability – Should your company be a service provider, then this coverage protects you in should a client try to sue you for any mistakes or blunders your company made while performing its service.
• Commercial Property – This is what protects your company’s property should there be a damage or theft occurance.
The main benefit of purchasing this kind of insurance is the peace of mind that is inherent in being able to conduct your business without the fear of loss or even of losing your business entirely. Another plus in having business insurance coverage is that it can assist your company in moving through any unforeseen disasters while still being able to keep it running in the meantime.