No matter how successful your business is, it only takes one little accident to bring it all tumbling down. One of the worst things to happen to a business owner is for them to lose the business they spent so much time, energy, and money to build. There are many threats to a business; all it takes is one lawsuit to topple a company. That’s why every business owner should have some type of business insurance. There are many things that an operating business should get covered in order to keep their business lucrative and functional.
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It’s not uncommon for customers to get injured at a place of business. When a visitor gets hurt, the responsibility lies on the shoulders of the company, especially if the injury was a result of negligence. That customer now has the right to sue your business for damages. This can drain and greatly damage your company’s finances. It is moments like this where General Liability Insurance can come in handy. General Liability coverage is one of the more common types of business insurance. General Liability covers bodily injury, property damage, personal injury and medical bills.
There are numerous businesses that require the use of commercial vehicles. If something happens to one of your vehicles, it can be expensive to come out of pocket and cover the damages. This is why Business Auto coverage is important. When you have Business Auto coverage your company cars will be financially protected in cases of damage to your company’s vehicles and for instances when your company’s vehicles cause damage to someone else. Be aware that your personal auto insurance coverage does not protect a company vehicle, even if you use it as a personal vehicle.
Workers’ Compensation is another common type of coverage, mainly because it is a government requirement. Workers’ Comp is used to take care of company employees in case they get injured on the job. It covers medical bills, disability, and death benefits for your employees. Even if your company is considered a “low-risk” business, it is still important to have a Workers’ Comp policy. Even a simple slip and fall can be an expensive claim.
For a business to survive, it needs to pull in a steady income. But events can happen where your business gets interrupted and its operations are halted, causing a loss of income. These events include earthquakes, floods, and other natural disasters. There could be a black out, or you internet service can fail. For moments like this, Business Interruption insurance will compensate your company for any income that was lost due to interruption.
Sometimes the products we sell may malfunction and cause damage to a customer or their property. When this happens, the company becomes accountable for the damage and the customer can sue your business for their losses. When you have Product Liability insurance, your company can protect itself from claims involving faulty products.
The business world can be extremely competitive. Because of the competitive nature involved, some companies can become very paranoid. Say some highly confidential information about your competitor is leaked, or someone makes some unfavorable comments about your competition’s CEO; and your company gets blamed for it. A week later you receive a letter in the mail stating that your competitor is now suing you for libel and slander. Personal and Advertising coverage will cover the lawsuits and any fees associated with the case, only if you didn’t actually commit the offense. This type of coverage also protects you from claims of copyright infringement and breaches of contract.
You put a lot of heart and soul into your business; it’d be shameful to lose it all because you didn’t have substantial business insurance coverage. If you are interested in keep your business and assets safe, contact a business insurance provider or go to their website and get a business insurance quote now!