Why Should I Carry Business Insurance?

We are often asked, “I’m not required to carry business insurance, why should I?

In a tough economy a start up business owner may opt to go without business insurance. Another business owner may consider allowing their business insurance policy to lapse. In each scenario, those business owners are lying to themselves and hoping to justify their decision on not being required.

In today’s business environment and where lawsuits occur over the temperature of coffee served, operating without liability insurance is like skydiving without a parachute. Trying to defend a claim, legitimate or frivolous, without liability insurance can put a business into bankruptcy from this one event. One accident, one fire and not only can the business face financial ruin, so can the owner of the business. Safeguarding both the business and your personal assets is not where to cut costs and try to save a few bucks.

A business needs general liability insurance and property insurance in place. When times are tough, it sure may look like an easy way to improve cash flow. This coverage is too expensive not to have due to the risk exposed, but there are ways to reduce the premium and get the best value for the coverage. Take a look at whether you can combine coverage by utilizing a Business Owners Policy.

This type of policy offers liability insurance as well as property insurance for your business. You can often add some coverage like business interruption to these policies. A Business Owners Policy is typically less expensive than purchasing policies separately. You may be able to reduce coverage limits and increase deductibles. Don’t be afraid to ask your licensed insurance professional for help. Be candid and let your agent know what’s happening with your business. If necessary, don’t be afraid to shop around for better rates. Just remember to get the same coverage if you that becomes the case.

There is certainly a cost involved for protecting your business from risk. Business insurance offers the owner peace of mind that the business they are building can withstand a frivolous claim or the cost of litigation or go through a fire or some type of catastrophe. Having the proper small business insurance in place is one of the most important steps a business owner can take in protecting their business and themselves.

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Workers' Comp
General Liability
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