Business Insurance

by Edwin Ivanauskas | Tags: Personal Finance, Investing

Whether you have a small two person family owned company or a business with four hundred employees, you need Business Insurance. You cannot protect yourself and your business without it. Sad to say that if someone trips over a crack in front of your store or if they were to fall on a piece of carpet that was slightly lifted, you are at risk of losing everything that you have worked for. We live in a lawsuit happy world where it is not if you will get sued but rather when you will be sued.

Businesses are arguably at a higher risk from people looking for ways to make an easy dollar off of a mistake that they think you have made whether it is in a business transaction or a sidewalk not cleared leading to your door. No one likes to think of this, yet it is what you need to think about when deciding the types of insurance that you need to carry to protect yourself and your business.

Surety Bond

This is a insured bond that protects your business for a certain dollar amount. This is also used in government contracts. For instance if you have a loan company and you are sued, you must have a surety bond that the government recognizes in case you are sued by a customer. This insures that if you lose that case, the government has the right to access that money to pay that client.

Liability

This type of insurance protects your small business from ruin if you are sued from someone getting hurt or thinking that you have done some type of service wrong according to their contract. This will protect you and help with the legal fees which will accrue.

Flood insurance will protect your business from water damage due from natural flood damage or if the sprinklers go off and ruin your office.

Casualty Insurance

This type of coverage covers the loss to a business. If you have damage to your business belongings or property then casualty coverage covers this.

Auto insurance

Insurance for any company owned vehicle that you may use for the business. This is especially needed when you have multiple drivers using company vehicles for deliveries, etc.

Depending on the size of your company an Insurance agent or broker is someone who can help you decide which Business Insurance you will need and how much based on the type of business that you have and how large your company is. A package insurance plan is more economic for you as a business owner and will help keep your business needs in perspective. Insurance is as important as the business you are in and there is never enough of it. Take the time to research and discuss your Business Insurance needs with your agent or broker and make sure that you are getting the best insurance for your money. It is well spent.