Business Insurance Explained And 3 Advantages Of Having It

If you want to start a company or you already have one, having business insurance is one of the most important decisions you can make. This is because business insurance can support you by protecting your firm’s properties and its contents against loss, damage, and theft. The right policy can also cover financial loss resulting from a disruption in business operations because of reasons such as injury, damage to facilities, and other unforeseen incidents that may hamper your operations.

What are the types of Insurance I need for my Business?
There are several types of Business Insurance with different specific coverage for your company. You just have to choose what’s the best fit for the type of business you are running.  

These are some of the major types of Business insurance options you can have :

• Building Insurance - it covers company-owned properties such as buildings, warehouses, and offices against damages, fire,  and other perils.
• General Property Insurance - this policy is your protection for your machinery, tools, apparatus, office laptops, and equipment versus accidents, theft, and other unexpected incidents. 
• Business Interruption Insurance - Covers the potential loss in your finances due to damages on materials and other related items inside your business.  
• Public Liability Insurance - running a business involves certain risks and this insurance protects you from the legal damages when a claim is made because of injury or harm to persons or property on the course of doing business. It may be because of machinery, job servicing, either on an outside location or within your workplace. 
• Office Contents Insurance - while general property insurance covers a wider scope of items, not all businesses operate with industrial machinery, tools, and equipment. The office contents insurance is tailor-fit for companies that operate only with desks, chairs, laptops, and computers. The policy protects these office items against theft, burglary, and damage due to accidents. 

Business insurance means additional cost, what can I gain from it? 

In the long run, getting business insurance is always worth the cost you pay for the premiums. It’s always better to be safe than sorry, and having peace of mind is priceless. There are also states which require certain business insurance policies before they give your permission for your company. It is therefore recommended that you verify it with the state where you plan to register your business. 

Here are three of the major benefits if your business has the right insurance :

1. Covers Income
   There are instances when your operations must go into breaks because of unforeseen incidents such as fire, accidents, and floods. There are policies that base their coverage on your proven average monthly income. Thus, when your business is averaging  $15,000 of income per month, your insurance will cover it while you’re in an emergency or until the policy’s period limits.
   
   
2. Business property is secured
   Companies usually have their own property as well as inventory items. If any untoward incident transpires, such as property damage resulting from accidents or fire, and losses due to robbery, general liability insurance helps the business recover in accordance with policy limits. 
   
   
3. Liability protection
   Running a business involves many risks, and one of them is being sued for numerous reasons. This is where business insurance comes in because it protects you from most lawsuits. As long as you have workers, the risk of injury due to accidents will always be present, and having liability protection ensures that your finances will not be much affected.   
   
   Most insurance policies cover not just compensation to the injured person, but also the legal costs if the case comes to court. 

Conclusion
In business, nothing can really prepare you from any untoward incident. Even the most meticulous plans cannot guarantee that you will never encounter a problem with overwhelming magnitude. But with the right business insurance, worrying is the last thing you should think about.  

At Arnold, Bruce & Doerfler Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (503) 222-1951. You can also request a free quote by CLICKING HERE.