In this day and age, you can insure just about anything. But understanding what your business vulnerabilities and insurance needs are sometimes confusing enough to make your head spin.
But.... When you do it right.... Your business won't only "survive" in the face of adversity, it can thrive!
In this week's blog post we're wanting to help make sure that you are prepared to face any challenges that may come your way... Below is an overview of the most frequently needed types of insurance coverage for small businesses.
With the help of a good insurance broker and the right coverage you can rest easy knowing you are covered.
General Liability Insurance: Every. Business. Needs. This.
General Liability insurance both defends and covers damages that could be claimed against your business for possible property or bodily damage.
Professional Liability Insurance: This is supplemental to General Liability Insurance, and helps cover claims against error, omission, or possible clerical mistakes or mistakes made by a non-owner employee.
Property Insurance: Another very important type of policy that is essential. This covers building, personal property, equipment, and inventory in cases of theft, fire, etc.
Home or Rental Insurance: Also essential. This protects and covers damage to property, personal property within the dwelling, and possible injury incurred within. This coverage is important to evaluate with your insurance broker when you have a home-based business.
Commercial Insurance: This can refer to auto, flood, natural disaster, and other policies that help cover damages or lost income due to extraordinary factors.
When discussing your business with your insurance broker, it's important that you are honest with them about what you have and where so they can help protect you.
It's also important that you discuss your deductible with them. Often having a higher deductible will lower your premiums. But some policies default to very high deductibles which would make them inaccessible in a time of crisis.
Knowing your business is protected is really a FREEING feeling and insurance is one of the best ways to do this.
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