Anyone who owns a business (large or small) needs to strongly consider obtaining business insurance. Accidents happen and even if you think your business doesn’t have enough assets to be sued, in certain circumstances you can still be held personally liable through your personal assets can be collected through wage garnishments and bank account seizures.
A Business Owner’s Policy can cover a multitude of claims under:
- Property and Casualty Insurance – Covers the physical location, contents, and operation of the business
- Business Vehicle Insurance – Covers for loss and damage to company vehicles (Company vehicles are not typically covered by personal auto insurance, even if the vehicle is used for both personal and commercial purposes)
- Business Interruption Insurance – Covers for interrupted cash flow due to an occurrence that has restricted normal business operations.
- Liability Insurance – Covers you in the event of a lawsuit for negligence (Falls, etc.)
You can purchase a Business Owner’s Policy through an insurance broker or agent. They can help you consider other types of business insurance that may be applicable, such as:
- Product Liability Insurance – Covers for damages ensued as the result of a product that has been sold or distributed by your company.
- Employee Health Insurance
- Life Insurance
- Workers’ Compensation Insurance
It is important to choose an insurance professional who not only understands your business industry but who is also licensed and does not have a history of ethical or administrative discipline.