Every small business needs insurance, that’s a fact. One small little situation can cause major loss of business and disrupt the daily activities of any business. Commercial insurance policies can help protect businesses continue with their daily activities and help protect from any losses. Without business insurance a loss can put a whole company out of business.
A Business Owners Policy is the most commonly purchased commercial insurance for small businesses. It is also known as Property and Liability, which is a packaged policy that includes liability and property insurance for a company.
Property Insurance for Businesses
Property insurance is very important for almost all small businesses. I can cover the damage from losses on property that a company owns, leases or even rents. So if your business owns the building you work in or if you lease it, you can be covered if it was damaged. You’d also be covered (depending on the policy) for items inside the building, such as electronics and equipment, as well as furniture. Depending on your business, the equipment you use can be very expensive and replacing those items can drain your account.
Liability Insurance for Businesses
Commercial Liability insurance can help cover your business if something went wrong and your company was involved with a lawsuit. If someone were to be injured on your business property they could sue your company for medical bills and other fees. Business liability insurance will help provide protection against these events. This type of business insurance can also cover the costs of legal fees in litigation.
As you can see, business insurance is important. Your business is what keeps meals on the table at home, and a small bump in the road can derail your business if you don’t have it covered properly. Speak with a qualified commercial insurance agent today to see how you can protect your business.