5 Things Every Business Owner Needs to be Worried About
As a business owner, there are many things you need to concern yourself with each day. From the management of your employees to the marketing of your business to the satisfaction of your customers, you've already got a pretty full plate. But full plate or not, your worries don't end there and if you don't have the right insurance policies supporting you in the background, you could find that your plate becomes impossibly full while your accounts empty after an insurable incident causes damages to your business.
Let's take a look at 5 incidents that can cost you a great deal of money if you don't have proper insurance.
Insurable incident 1: Damage to the Company Vehicle
It isn't easy to consider replacing an entire vehicle after a theft or collision totals it, but even if an accident just results in some repairs, it can seriously affect the cash flow of your business to pay for damages out-of-pocket. Instead, buying a commercial auto policy will keep your vehicle covered and your accounts preserved. And don't think you're off the hook if you don't have a company vehicle. If you or your employees use a personal vehicle for business purposes, your personal auto coverage won't pay for accidents when they occur during a business errand.
Insurable incident 2: Business Continuation
If an insurable incident interrupts your ability to conduct business on a daily basis, it won't remove the monthly bills you need to pay or the mouths you need to feed with the income your business creates. A business interruption insurance policy can help keep your business operating in a temporary location, replace lost profits and pay certain ongoing bills when your business can't.
Insurable Incident 3: Death of a Key Employee
When a key employee€"someone who has a special talent or knowledge that's integral to your business and who is hard to replace€"passes away, it's not just a personal loss. It's also a business loss. It may take time for you to find a replacement and to start doing the same work you were able to do with that key person. That time can be expensive, but a key person insurance policy can provide some much-needed resources until your business is able to function normally again. And since the death benefit is paid to you in full, you can decide how best to allocate those dollars, which means you can use them for recruiting, training, supplementing lost profits, and more.
Insurable Incident 4: Liability
It's the worst nightmare of any business owner; someone steps into your storefront or restaurant, slips and falls, and sues for medical payments, lost wages and personal damages. Or, one of the business' products causes harm to another person or their business. The situations in which a business can face liability issues are almost endless. Liability insurance can form a protective shell around your company that helps keep liability claims away from profits. Liability policies come in many different forms, and some businesses might benefit from just a simple general liability policy while others may instead consider specialized policies such as product liability and professional liability.
Insurable Incident 5: Loss of Property
Your property is an asset of your business. The computers, machines, supplies, merchandise and other items add to the value of your business and in many cases, help you and your employees generate income. If a fire, theft, or natural disaster should damage everything your company owns, without insurance you could be facing a great expense to replace those items and get back in business. Commercial property insurance can protect your business assets and the building, if you own it. When taking out commercial property insurance, make sure you also consider whether you need a special policy for generally excluded incidents such as flood and earth movement.
Insurance is an investment that a business owner makes in order to preserve the value of his or her assets. It works in the background to ensure that a business owner is always protected against the financial damage that an insurable incident can cause and it's one of the most important ways to secure your business' future. When you're ready to start shopping for your commercial insurance policies, including those mentioned above, give us a call.
Let's take a look at 5 incidents that can cost you a great deal of money if you don't have proper insurance.
Insurable incident 1: Damage to the Company Vehicle
It isn't easy to consider replacing an entire vehicle after a theft or collision totals it, but even if an accident just results in some repairs, it can seriously affect the cash flow of your business to pay for damages out-of-pocket. Instead, buying a commercial auto policy will keep your vehicle covered and your accounts preserved. And don't think you're off the hook if you don't have a company vehicle. If you or your employees use a personal vehicle for business purposes, your personal auto coverage won't pay for accidents when they occur during a business errand.
Insurable incident 2: Business Continuation
If an insurable incident interrupts your ability to conduct business on a daily basis, it won't remove the monthly bills you need to pay or the mouths you need to feed with the income your business creates. A business interruption insurance policy can help keep your business operating in a temporary location, replace lost profits and pay certain ongoing bills when your business can't.
Insurable Incident 3: Death of a Key Employee
When a key employee€"someone who has a special talent or knowledge that's integral to your business and who is hard to replace€"passes away, it's not just a personal loss. It's also a business loss. It may take time for you to find a replacement and to start doing the same work you were able to do with that key person. That time can be expensive, but a key person insurance policy can provide some much-needed resources until your business is able to function normally again. And since the death benefit is paid to you in full, you can decide how best to allocate those dollars, which means you can use them for recruiting, training, supplementing lost profits, and more.
Insurable Incident 4: Liability
It's the worst nightmare of any business owner; someone steps into your storefront or restaurant, slips and falls, and sues for medical payments, lost wages and personal damages. Or, one of the business' products causes harm to another person or their business. The situations in which a business can face liability issues are almost endless. Liability insurance can form a protective shell around your company that helps keep liability claims away from profits. Liability policies come in many different forms, and some businesses might benefit from just a simple general liability policy while others may instead consider specialized policies such as product liability and professional liability.
Insurable Incident 5: Loss of Property
Your property is an asset of your business. The computers, machines, supplies, merchandise and other items add to the value of your business and in many cases, help you and your employees generate income. If a fire, theft, or natural disaster should damage everything your company owns, without insurance you could be facing a great expense to replace those items and get back in business. Commercial property insurance can protect your business assets and the building, if you own it. When taking out commercial property insurance, make sure you also consider whether you need a special policy for generally excluded incidents such as flood and earth movement.
Insurance is an investment that a business owner makes in order to preserve the value of his or her assets. It works in the background to ensure that a business owner is always protected against the financial damage that an insurable incident can cause and it's one of the most important ways to secure your business' future. When you're ready to start shopping for your commercial insurance policies, including those mentioned above, give us a call.
Source...