Insurance Insights: What Could Go Wrong?
If you are a small business owner, you should take into careful consideration the fact that an accident or a lawsuit could put your business in real jeopardy if you are uninsured. With this in mind, you should carefully assess the many risks that you face by asking yourself what could possibly go wrong. While other types of insurance are generally much more straightforward, business insurance can be more complex. For instance, in addition to having “property insurance” in place that covers the building, it is also a very good idea to have “business interruption insurance” that covers losses in the event that a natural disaster disrupts or damages a business to the point where operations must be suspended.
Business interruption insurance also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt. Different businesses have different needs when it comes to coverage choices. For example, a small manufacturer may require different coverage than a retail operation. If you have any questions when choosing your coverage, a conversation with a financial planner or insurance agent may help. To learn more, please call us today.
Quick Tip: “Product liability protection” provides coverage for any legal problems that may arise from products sold by a business.