The world we live in today is fast moving and things happen very quickly good and bad alike. When things are going good it’s easy to go into auto pilot mode and just cruise right along but when a situation arises more often than not we wish we would have protected ourselves just a little more. The same principal applies to business and when you own a business you invest not only money but time away from the things you like to do and your family. Therefore, it’s crucial that you protect every aspect of your business with everything that is available. Let’s take a look at some of the top ways you need to make sure that your business is protected.
Workers Compensation Insurance
There is no way around it, accidents are just bound to happen so the only line of defense you have is to make sure that you have the proper workers compensation insurance in place in order to cover yourself and your employee. Workplace injuries happen on a daily basis and sometimes they can be minor and other times they can be life threatening or even deadly. Workers compensation insurance will provide money benefits to your employees until they are physically able to return to work.
General Liability Insurance
This type of insurance will protect your business in multiple ways. For example, if you own a service business and one of your employee’s damages a customer’s personal property they can file a claim with your carrier and they will cover the cost of the damages. If you own a business and your company makes a mistake when handling a customer issue and there is any type of loss your general liability insurance policy will cover it. This type of insurance does come at a price and sometimes business owners think that they can do without, until an incident occurs and really need it. Getting multiple insurance quotes will ensure you get the best price.
Fire Flood and Casualty Insurance
This is probably the types of insurance that is thought about the least but if a fire or a flood strikes your area it could wipe you out completely. Not only will it shut down your business for days if not months but if you have a business that has inventory it will take all of that away as well. You will basically have to start over from scratch and if you don’t have this type of insurance you may not be able to recover.
Your local insurance agent can help you with all of your company’s insurance needs. Take the time to sit down one on one with your agent and effectively communicate to them how you want to cover your business. They can adjust your coverages in different areas on each policy to lower the price so that it’s affordable for you. Paying your premiums on time every month is very important or the policy will lapse and will not be active in the event you need to make a claim.