Congratulations business owner! You worked hard to make your dream a reality. You should be extremely proud of your accomplishments. But you know that your hard work doesn’t end here. In fact, it’s just getting started. Every day will bring new challenges, opportunities and something new to think about. But that’s ok, because you’re built for it.
Now that your business is up and running, it’s time to protect your dream with the right insurance coverage. But you probably have questions. Maybe you’re even wondering why you need insurance, or what types to consider. This article can help.
What Does Business Insurance do?
You’re smart and savvy. You have a plan for everything. And you always make sure to cover all your bases. That’s why you own your own business. But no matter how much you plan and forecast, things don’t always go as planned. Accidents happen. And that’s where business insurance comes in. It protects the finances and future of your business when the unplanned happens.
The Coverage Your Business Needs
When it comes to finding the right insurance for your business, the insurance you need depends on the type of business you have. Among the coverages that any business should consider are:
- General Liability
- Property to cover an owned building and your contents
- Workers Compensation insurance if you have employees
- Professional Liability
- Product Liability
- Business Interruption
- Commercial Auto
- Commercial Umbrella
Where do I Start?
When shopping for the right business insurance, knowing where to begin the process goes a long way in finding the best coverage. The Insurance Information Institute lists these recommendations:
- Assess your risk, including all business property, inventory and equipment.
- Talk to an insurance professional who knows your industry.
- Compare rates, using comparable coverages, exclusions, limits and deductibles.
- Evaluate insurers, making sure they are reputable, licensed and in good enough financial condition to pay claims.
- Keep rates low by implementing a risk management program that minimizes losses from fires, theft and injuries.
- Review your risks and insurance needs at least annually.
The right business insurance can protect your building, your property, your vehicles, even your reputation. Without it you could be putting your business, and your dreams, at risk.