All businesses face risk and potential risk, which is why all business owners must purchase business insurance. We can help you make the right decisions when it comes to your business insurance policy.

All businesses face risk and potential risk, which is why all business owners must purchase business insurance. Some small business owners question the need for purchasing business insurance, as they feel they do not generate enough revenue and you “can’t squeeze blood from a turnip.” Others believe  their business’ corporate format serves as a protection from liability, and thus purchasing business insurance is unnecessary. Both assumptions are false.

If a small business owner is sued and a money judgment is rendered against them, their assets, bank accounts, and equipment can be seized, and their wages can be garnished. Laws in all 50 states allow the corporate veil of protection to be removed, leaving the owner vulnerable to personal liability. This is just the tip of the iceberg when considering the wide range of situations warranting protection, from on-the-job injuries to providing employee health insurance in order to remain competitive. Therefore, the importance of obtaining business insurance cannot be stressed enough.

Business insurance is a broad term that covers a range of different types of insurance policies, including:

• Property Insurance

• Casualty Insurance

• Liability Insurance

• Commercial Auto

• Business Interruption

• Life and Disability Insurance

• Scripted Policies

Because all businesses are unique, each one requires a custom business insurance plan. The owner will need to analyze their business and weigh the risks their business faces before approaching an insurance company. Such preparation will include:

• A business insurance budget

• A business description

• A disaster plan

• A checklist of documents and information needed to purchase insurance

Insurance is one of the highest expenses for businesses. Fortunately, it is possible to control these expenses – even reduce them – if the business owner uses due diligence in planning effectively, researching his or her options, and making health and safety a priority at their workplace.