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Business Insurance

Why you need business insurance

When you own your own business, you have a lot invested in it — not only money but your time and reputation as well. That’s why it’s important to protect your business with insurance.

What is it?

Business insurance does just what its name implies: It protects your company from various risks that you may encounter in the course of doing business. That can include destruction of property, liability and other risks.

Who is it for?

Anyone who runs a business should have insurance coverage. Even if you just run a small business out of your home, you need insurance coverage specific to that business. Your personal insurance coverage may not cover many of the things that happen in the course of running your business.

How does it work?

An insurance policy for your business works much like personal insurance policies work. If you have an event that’s covered by the policy, such as a fire at your office, a traffic accident involving one of your company’s cars or an allegation of product liability, you must contact your insurer and institute a claim. Your insurer will investigate and then certify your claim, at which point you will receive the reimbursement due to you minus any deductible you owe.

Types of coverage

There are many different types of business insurance, and you may want all of them or only some, depending on the nature of your company. General liability coverage protects your business against claims accidents that cause injury as well as other general business risks, such as slandering or libeling a competitor. Product risk insurance specifically covers the risk of a defective product causing harm. Commercial property insurance protects your plant and offices, just as homeowners insurance protects a home. A commercial auto policy insures owned and leased vehicles that you and your employees may use in the course of business. Malpractice or errors and omissions insurance protects you against a mistake or negligence when providing professional services.

Major benefits

Having insurance coverage for your business ensures that your business is protected from ruin due to natural disasters or mistakes made in proving products and services.






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