Business Insurance

The protection of business insurance can make the difference between a business remaining open and closing its doors forever; the difference between future prosperity and financial disaster. Purchasing business insurance is a wise way to provide protection for you, your business and your employees against various risks that can occur at any time. Natural disasters, accidents, lawsuits and unforeseen events can happen to any business, regardless of size, and should always be covered with insurance.

Business insurance provides financial protection against a variety of potential losses such as property damage, liability and theft. Ideally, because each business may have their own unique needs, business owners may select the types of coverage needed to protect their specific commercial operation.

How it works

Companies purchase a business policy through an insurance company, carefully selecting the options appropriate. Essentially, the insurance company is agreeing to share your business risks in return for the premium payments you make. If the business suffers a loss and files a claim covered in the policy, the insurance company compensates for the financial loss.

However, the financial loss is only covered up to the limits defined in the policy. In addition, as with other insurances, the agreed upon deductible listed in the policy must be paid by the business before the claim is paid.

Common types of coverage

Property insurance is designed to cover the physical assets of businesses from damage or loss caused by fires, theft or natural disasters such as hurricanes or tornados. Physical assets of the business could include inventory, buildings, computers, equipment or furnishings.

Liability insurance kicks in when claims or lawsuits are filed against a business, which could be the result of property damage or injuries.

Workers’ compensation coverage is required in most states, and it covers medical care costs and lost wages for employees injured on the job.

Major benefits

Insurance for businesses provides the financial protection your business may need someday to recover from natural disaster, theft or liability claims. In addition, insurance provides a sense of security, so you can focus on running your business and taking care of your employees.