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Business Insurance

How Business Insurance Helps

Not matter the perceived low risk of any given business, financial catastrophe can strike any time and result in overwhelming loss. The majority of companies carry some level of business insurance to mitigate the risk of damage and loss. Some may believe that they are being thrifty by skipping the purchase of insurance, but the consequence of not obtaining insurance could end up being far costlier over time.

Good business insurance protects the owner from general liability risks, such as malpractice, slander, a myriad of acts of God and more. For instance, a customer could take legal action against a pharmacy for the incorrect dosage being provided for a medication. Should you run a business in a fire-prone region and not carry insurance, a wildfire could devastate your company, structure and the property upon it sits, putting you out of commission while, perhaps, a competitor moves in while you are busy trying to gather funds to rebuild.

Kinds of Coverage

Should you conduct business with other companies or individuals, such as clients, suppliers or customers, having some form of public liability insurance is a must-have for most.

If you provide professional or consultation services or are in the business of handling client data of a private nature or their property, indemnity insurance is also highly critical.

And, if you employ more than one worker, you are likely mandated by law to carry employer liability insurance coverage.

Big Benefits

Not only can this insurance help when unexpected events occur, but can also act to safeguard both you and your company’s financial stability. For instance, though property insurance will handle the cost of damages to your physical business (and home-based businesses as well), it will not provide protection to you for lost revenue resulting from some covered peril. Carrying business interruption insurance, the insurance provider will compensate for missed revenue and wages until you get the business up and running again.

Another big benefit in carrying good business insurance is in having disability insurance. In the case, should you fall ill, or become physically unable to take care of your business, disability insurance will take care of you by providing a percentage of your income. You can also acquire extra coverage for overhead to assist with expenses like inventory and supplies that are necessary to keep your business in operation while you’re not able to be there.






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