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YOUR INSURANCE ANGEL
WHAT IS BUSINESS INSURANCE AND WHY IS IT IMPORTANT?
BY ANGEL BUNCE I PHOTO BY LUKE LAPORTA
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Simply put, businesses need business insurance because it helps cover the costs associated with property damage and liability claims. Business insurance refers broadly to a class of insurance coverage intended for purchase by businesses rather than individuals. Businesses will seek insurance to cover potential damage to property, to protect from lawsuits, or contract disputes.
It’s especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of a loss. If a business owner does not feel he or she has the ability to effectively assess business risk and the need for coverage, they should work with a reputable, experienced and licensed insurance broker. You can obtain a list of licensed agents in your state through your state’s department of insurance or the National Association of Insurance Commissioners. FACT #2: General Liability Insurance helps pay for expenses related to lawsuits (lawyer’s bills, evidence costs, witness fees, damages owed to the party suing you, etc.).
FACT #3: General Liability Insurance insurance because, among other things, it covers lawsuits when someone is injured at your store or on your property.
FACT #5: General Liability Insurance isn’t usually required by law, but it is required in many business contracts and rental leases.
FACT #6: Many small businesses buy General Liability Insurance packaged with Property Insurance through a bundled policy called a Business Owner’s Policy.
When you’re ready to get started with an insurance plan for your business, reach out to us for a free quote and we’ll be happy to help! Call or text us 585-861-2002
Best Regards,
Angel Bunce Owner Flour City Insurance Agency 1260 Scottsville Rd Suite 202A Rochester NY 14624 585-861-2002 Office 585-486-6219 Fax Flourcityinsuranceagency. com
Business Insurance: Basic Facts
FACT #1: Nearly every business can benefit from Commercial General Liability Insurance. only pays for lawsuits filed against your business by third parties (i.e., people your business doesn’t employ).
FACT #4: General Liability Insurance is sometimes called “slip-and-fall”
