Many business owners believe that business insurance is really a luxury for more established companies. Even though it is true that business insurance does take a piece of the budget, it is a cost every business—no matter the size, industry or length of time in business—should plan for. Why is it so important?
General and Professional Liability 
A general liability insurance plan covers various aspects of your business. There is premises liability, which covers injuries on business premises, or completed operations and products for injuries from product-to-customer or worker-to-customer. There is advertising liability, which is coverage for injuries resulting from any type of false advertising, and damage liability for when you cause any damage to rented premises. Last is professional liability, which is protection for malpractice, errors and omissions or negligence arising from your profession.
Catastrophic Loss
Business insurance coverage safeguards a business from closing as a result of catastrophic loss. Floods, fires, tornadoes and hurricanes have resulted in the end of a number of businesses. When a business has insurance coverage against these kinds of losses, loss and closure are often only temporary. Companies should always think about business interruption coverage to ensure continued cash flow throughout a closure as a result of a covered event.
Legal Requirements
Aside from the advantages that business insurance can provide, it is also legally required of most businesses. If a small company has workers, it's required to have workers compensation. If a business does not have this kind of coverage, it may face fines and be required to pay money for accidents incurred by employees at work. Also, depending on the state, companies are sometimes required to have disability and unemployment coverage as well.
Protection Against Claims of Negligence
Whether or not you operate a business that offers a service or you are customer-facing and offer your expertise and experience to the consumer, professional indemnity service needs to be in place to safeguard you should there ever be any kind of claims made against your business. Regardless if you are employed as a hairdresser or a business advertising consultant, customers can make a claim against you and your business if they believe you have offered them the wrong advice or provided them with the wrong service.
Protection Against Damage or Theft
Contents insurance is also essential. Office contents coverage helps ensure that your property and equipment is covered against occurrences of accidental damage and theft. It may also cover contents if they are damaged or stolen outside of your company premises, such as on a business trip.
Are you covered? Call us for more information on business insurance.