Business insurance for the smart businessman You are a new start up business and money is tight. You may not want to spend some of your extra profit on mundane and boring things such as insurance but you will be happy you did when the bad times start rolling in. Business insurance can cover a wide array of different aspects from hazard insurance for your business locations to even different kinds of liability insurance for your business. Below are a few of the different types of insurances that you can get for your business and how they can be of a benefit for you and your business.
Safety from the elements The first and foremost important thing you would need to have insurance for is coverage for the elements. When the rain starts coming and you are stuck at your home unable to get to your business, you are going to wish you had some kind of insurance to cover your assets. Losing your assets such as vehicles, buildings, machines, and any other forms of assets that you may have can be absolutely devastating to any new start up business or even a business that has many years of experience. Getting a good hazard insurance will help you sleep easier at night when you know that you won’t be sunk from Mother Nature’s wrath. When looking to get business insurance, think about what insurance exactly you would need in your area. If you are living in Seattle than you may want to make sure that you are covered for landslides from rain or even flooding. Knowing what hazards are in your area can be an asset for you when picking your insurance. Make sure that the insurance you find covers you for the geographical specific hazards in your area.
Safety from liabilities As a business, you are prone to many liabilities that can arise in many different ways. If you are a concrete business most likely you have large forklifts and many different types of heavy machinery. It can be extremely dangerous in your workspace and making sure that you and your workers are insured is a must. In the event of an accident, you can absolutely be held accountable and consequently, expensive seemingly unending medical bills can build up. To keep your business profitable, you can’t be trying to pay off expensive medical bills. It is important to make sure you are covered for any sort of event so that not only can you make sure the person gets the right treatment they need, you can rest easy knowing that you are financially protected.
Another large thing that you are liable for is the event of being sued. In this kind of event, you are held liable for tons of legal fees in hiring professionals to help defend you, plus any other fees that may arise from being sued. Don’t let these sink your ship and make sure you are covered with good commercial general liability (CGL) insurance.
Two cents of advice Whatever you decide to do, make sure you get some sort of general or basic coverage. Although they are very unlikely, it is absolutely possible for disaster to strike in many different forms. A good business insurance whether in Seattle or Monroe will keep your company afloat and feeling safe. Photo Credit: doc_ , darrendean