As a business owner, you've got a lot of things to worry about, and protecting your business financially is definitely one of the most important. That's where business insurance, also called a business owner's policy, comes in. This type of insurance will help protect your business from a variety of mishaps and emergencies, and no small business should be without it. Here's an overview of the key coverage inclusions your policy should have.
Your business facility or facilities need to be covered just like your home. If your storefront, warehouse, distribution center, office building, or other structure is damaged in a fire, break-in, or any other disaster, this coverage component can help to weather the costs of the repairs. It is best to obtain enough coverage to fully replace the property if needed.
Aside from your employees, your business likely welcomes other visitors, including customers, business partners, investors, suppliers, and more. Any of them could slip and fall or get into some other type of accident while on your property. Liability coverage is essential to cover their medical expenses so your business doesn't have to.
There are numerous reasons your business may not be able to generate income temporarily, such as if you are forced to close during repairs or during a local or national state of emergency. Income protection coverage will help your business stay afloat until better times return and you are able to return to normal operations.
No matter what type of business you are in, it is always possible for employees to be injured while on the job. From accidents involving heavy machinery to simple slip-and-fall accidents, you may need to cover employees' medical costs and salaries while they recover. Workers' compensation coverage will handle these payments for you.
This additional coverage can be applied to any shortcomings in your other coverage types. If your coverage limit in a particular area is not enough to cover actual expenses, umbrella coverage can fill in the gaps.
Don't leave your business's finances up to chance; protect everything you have worked so hard for with business insurance. The Stover Strong Insurance Brokers team is here to answer all of your questions and help you decide on the most important coverage options for your unique business. Reach out today to get started.