With storm season upon us, remember the importance of business insurance. What coverage should you consider for your business?
Most entrepreneurs underestimate the importance of insurance, while they overestimate the costs involved and the difficulties that can be encountered in obtaining adequate coverage.
The first step is to select a qualified insurance agent at the same time you obtain an accountant and lawyer.
Invariably questions arise that require a team approach to determine the best business insurance coverage.
If you are new to the area, solicit recommendations from business owners. Local trade associations and a chamber of commerce are good sources.
Some types of property and casualty insurance your business may need:
- Commercial auto, to protect your business from automobile-related losses, both liability and physical damage.
- Commercial general liability, to protect against certain other lawsuits arising out of the conduct of your business.
- Product liability, to protect you from claims for damages suffered by customers’ use of your products.
- Workers’ compensation, to protect you from claims by employees who are injured on the job.
- Commercial property, to protect you for loss to your building and contents from fire, wind, lightning, theft and vandalism.
- Flood insurance, to protect your business assets from flood damage.
- Business interruption and extra expense, to pay for lost revenue and extra expenses resulting from covered damages to your building and contents.
Remember, if you think you can’t afford the premiums, you certainly cannot afford the loss. For more information, contact TriState Business Insurance.