Insuring Your Business 2012

When running a business, you to increase your chances of bringing in income, but you also increase your risk at the same time. In order to protect yourself against this risk, you’ll need to purchase some kind of business insurance. There are a number of different types of insurance policies for you to choose from, depending on your unique business needs.

Property Coverage

One of the most important types of business insurance for you to buy is property insurance. With property coverage, you insure your place of business and any of the contents inside the building. This type of insurance will pay out if the building or any of the property inside is damaged. If you have any expensive equipment such as a forklift or computers, this type of policy can reimburse you if they are damaged. If you do not own the building that you conduct business in, you can buy a renter’s policy instead.

Liability

When running a business, you open yourself up to a great deal of liability. Customers could be injured or wronged in some way while doing business with you. Suppliers could be financially hurt by something that you did. Because of these risks, it is important to make sure that your business has liability insurance coverage. With liability insurance coverage, the insurance company pays for your legal fees and any damages that are awarded to others on your behalf. For example, if a customer falls down inside your store and is injured, this kind of insurance coverage will pay for his medical bills and any pain and suffering that you are responsible for. Without this type of coverage in place, you could be putting your entire business or your personal assets at risk.

Auto

In some cases, you may need to purchase a commercial auto insurance policy. If you have company cars, it is important to get them covered with this kind of insurance. In many cases, you can get commercial auto insurance cheaper than you would be able to with a regular auto insurance policy. This is especially true if you are buying auto insurance for a fleet of cars at the same time.

Business Owner’s Policy

When you are running a business, you will typically need all of these types of coverage and more. Because of this need, it might make sense for you to pursue a business owners insurance policy. With a business owners policy, you get to bundle all of these coverage options into a single package. You do not have to purchase separate insurance policies for property, liability and auto. This can save you some money when compared to purchasing individual policies for each item.

A business owner’s policy can also provide some additional benefits such as stoppage of business protection. With this type of coverage, the policy will pay out if you are unable to engage in business for some circumstance outside your control.

Regardless of what type of business insurance you need, it is important to shop around with various insurance companies. This way, you can be sure to get the best deal available at the time.

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