Business Insurance Explained And 3 Advantages Of Having It

2/20/2020

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 :

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.
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.
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.

13 Comments

Taylor Hicken link

12/15/2020 08:10:30 pm

I appreciated it when you shared that having business insurance will ensure that your property, as well as inventory items, are secured. It is very important to have the right coverage on certain items that are valuable. I would like to think if someone is planning to start a business, he should consider getting insurance from a reliable service.

Conrad O'Connor link

1/8/2021 12:10:56 pm

Thank you for pointing out that business insurance is important for protecting your company financially. I want to start a company this year, so I'm thinking about buying some business insurance for it. I'm going to look for a good insurance broker in my area to use.

Adam Golightly link

1/11/2021 02:55:23 pm

I can see how a business could really benefit from getting the right insurance in order to be more effective with the right policies. It could be really useful for a business to get some help from a professional in order to be more effective. I liked what you said about how they should have the right coverage, with the right policy in their accordance.

Chris Pederson link

1/11/2021 04:10:21 pm

It's good to know that business insurance protects it from most lawsuits. I want to start up a business of my own someday. I'll be sure to check with different insurance companies to see what is best for me.

Fred Gibbons link

1/19/2021 08:21:13 am

Thank you for pointing out that it is important to have business insurance in order to protect your company financially. My wife and I are planning on starting a company this year, so it sounds like we will need to purchase some business insurance for it. I'm going to search for a reputable provider of business insurance in our area that we can use.

Derek Swain link

2/1/2021 10:22:53 am

I had no idea that some states require you to have insurance coverage in order for your company to have the permission it needs to operate. My wife and I have been interested in opening a landscaping business together, and we'd like to make sure that our future employees are protected if they happen to damage a client's property while they are being trained. Getting some insurance coverage may help our business succeed in the future.

Bob Newton link

2/3/2021 08:18:17 am

Thank you for pointing out that insurance is essential to protect the financial wellbeing of your business. I'm thinking about starting a company this year, so I'll want to make sure that I buy some good business insurance for it. I'm going to search for a reputable company in my area that can sell me some business insurance.

Eli Richardson link

2/4/2021 06:30:33 am

It really helped when you mentioned it's vital to have insurance for your business. Last week, my sister told me she's thinking about opening a small shoe shop. She's been researching what she needs to get a loan and to get the shop starting. After reading your piece, I'll strongly suggest that she also gets insured to protect her property and the shop's items. I appreciate you helping me learn more about how business insurance protects your business from damages and losses.

Nelson Fogerty link

2/4/2021 12:10:27 pm

Thank you for highlighting the fact that insurance is essential to the financial well-being of your business. I'm thinking about starting a business in the near future, so I want to make sure that I get some good insurance coverage for it. I'm going to search for a good company in my area that can help me get some business insurance.

Jonathan Hansen link

2/5/2021 11:28:57 am

It's great that you elaborate on how liability insurance can help protect your business from potential legal damages. I'm planning on starting a business this year, so I want to make sure that I purchase some good liability insurance for it. I'm going to search for a good company near me that sells liability insurance for businesses.

Alec Burns link

2/12/2021 08:58:05 am

It's great that you highlight the importance of having insurance for your business in order to protect it financially. I want to start my own company this year, so it sounds like I should buy some business insurance for it. I'm going to see if there's a good company in my area that can sell me some business insurance.

Charlotte Fleet link

2/16/2021 02:09:54 pm

Thank you for explaining the many benefits of having business insurance. I like how you mentioned that having business insurance can help to give you protection from liability situations and lawsuits. I would imagine that it would be smart to find an insurance company that has a good track record for successful liability insurance policies.

Curtis Butler link

2/26/2021 08:06:24 am

It's great that you mentioned how general liability insurance keeps your business protected in the event that your property damages are caused by a fire. My wife and I have been planning on opening a clothing store this summer, but we'd like to make sure that we have plenty of coverage since our building is in an especially dry area with a lot of flammable plants nearby. We'll consider our needs as we find some coverage that will secure our business.

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