If you’re starting a new business, one of the first things you’ll want to do is consider the different types of insurance coverage you need. A business owner can protect against a number of common risks, including property damage, injury, and liability. You’ll need to protect your personal assets (your home, car, and personal belongings) from business-related liabilities, and you’ll also need coverage to protect your business assets from claims by customers and other entities.
Risks Without Business Insurance
Running a business without insurance is never a good idea. Not only can you potentially put your personal assets at risk, but you may also be putting your business at risk as well. There are several risks to running a business without insurance, including the risk of lawsuits, property loss, and liability issues. In case anything goes wrong, having business insurance could save your business.
While you may think that protecting your assets would be enough to get your business started, you can’t afford to overlook the other legal obligations that comes with opening up shop. For instance, you may need to cover your employees with workers’ compensation insurance, which is a state-mandated insurance plan that covers medical expenses and replaces lost wages in case of work-related injuries or illnesses.
Business Insurance Benefits
Business insurance is not only necessary for protecting your personal assets, but there are many financial benefits of owning a business that can be protected by insurance. Business insurance protects your company’s physical assets and financial assets, including your building, equipment, inventory, and income. And it protects you from liability for personal injury and property damage.
Get a quote for a business insurance policy today.