Why Business Insurance is a No-Brainer

 

With a business backup in mind, here are just a few reasons why business insurance is a no brainer.

 

 

Just like auto, life, and health insurance, business insurance is there to help you through whatever the future holds. Business and commercial insurance is great for peace of mind, but it’s also a huge benefit when an accident does take place that affects your up and coming small business.

 

Whether it’s protection against a lawsuit or property damage, business insurance is crucial for all types of businesses, including startups. Business insurance can help keep your financial livelihood safe as well as protect your office equipment, property, and employees depending on the type of insurance coverage you choose.

 

 

Starting a new small business takes a lot of responsibility and hard work, but no matter how devoted you are to creating a successful startup, accidents happen. From auto accidents that involve company cars to slip and fall accidents that involve your employees and customers, business insurance is designed to help protect you and your business in times of need.

 

 

Everything from your storefront to the equipment inside your office is what makes your startup start off on the right foot. But, what if there’s a natural disaster or robbery and you don’t have the necessary tools you need to run your business? Business insurance helps protect the computers, mechanical production equipment, and other tech and office related supplies that make your new small business work.

 

So, does your startup need business insurance?

 

Well, considering the majority of losses are oftentimes out of your control, business insurance allows you to concentrate on the business at hand instead of worrying about potential catastrophes.

 

 

It’s difficult to think about all of the disaster scenarios that could happen to your business, but don’t let yourself off the hook by assuming the others involved will have the appropriate coverage. Whether an employee is injured on the job or a company vehicle is rear ended on a delivery route, business insurance is also beneficial for the times when another person’s insurance just isn’t enough.

 

 

There are a number of business insurance plans to choose from with different levels of coverage. It’s important to choose a comprehensive insurance plan that doesn’t leave your startup financially responsible for all of the unforeseen events life can throw your way.

 

Among the options for your small business:

 

• Business Income Coverage – This type of insurance provides your new small business with a regular income in the event of property damage or physical loss.
• Equipment Coverage – From your office computers and specialized equipment to your inventory, this type of insurance helps cover the cost of repairs or replacement. 
• Commercial Property Coverage – Some property insurance covers the building your business inhabits as well as the contents within and some don’t. But, commercial property insurance generally covers fire, theft, and liability lawsuits.
• Key Person Coverage – For startup companies especially, key person insurance makes sure the business can stay afloat financially if an essential employee leaves their position due to health or other emergency reasons. 

 

After you review your options, it’s plain to see that business insurance is a crucial stepping-stone to any startup’s success.