4 Reasons Why You Need Business Insurance

Commercial Insurance

If you are looking to start your own business or have already started one, it is very important to look into getting your business insured. Business insurance can help to cover your business in the case of a risk and/or loss, so you don’t have to personally cover it. Therefore, if you are still not convinced of how business insurance can benefit you, take a look at these 4 reasons:

1. Equip Yourself to Defend Against Potential Lawsuits

Accidents can happen, but they can be costly if your business or someone representing your business causes them. Therefore, any legal liabilities that your business or your employees are responsible for will be covered by having a business insurance policy. A business insurance policy, also known as a commercial general liability (CGL), can cover bodily injuries to another person, damage to someone else’s property, and accidents involving others that happen at your business’ location. Thus, to protect your business and your employees from any lawsuits or legal liabilities, get commercial liability insurance for your business.

2. Prepare for Unforeseeable Events such as a Fire or Theft

Unfortunately, fires can start and theft can happen, which is why it is crucial that your business is covered in the event that these do occur. Commercial property insurance can cover your business in the event of a peril. A peril can include a fire, a burglary, vandalism, and other risks. Most standard commercial property insurance policies cover damages to the building, the inventory, and the equipment of your business in the event of an insured peril. The policy would then cover all the costs to rebuild, repair, or replace the damaged property.

3. Avoid Interruptions to Your Income

If you have to temporarily shut down your business after suffering an insured loss, business interruption coverage will protect your bottom line by replacing the profits you’ve lost as a result of this loss. For example, if a fire occurred at your business location and you had to close down your business during the rebuilding process, your business profits would be covered by the insurance policy. A fire is a covered peril; thus, the insurance company would cover the losses of having your business closed. This means that your employees’ wages and your own earnings would be covered until your business could operate again. Always make sure to request business interruption coverage when acquiring business insurance.

4. Protect Any Type of Business

No matter what your business does, there is an insurance coverage that can fit your business needs and keep you covered. PrimeService Insurance works with several standard and non-standard insurance companies to offer various insurance policies such as commercial auto insurance, group insurance, technology insurance policies, and more to meet all the needs of every business. Therefore, talk with one of our brokers today to review the coverages that would best suit you and your business.

Your business is your biggest investment and it provides for you and your family. It is essential to have business insurance to protect your financial interests. If you are not sure which insurance policy would be the best for your business, you can always talk with one of our brokers to get more information. We will work with you to help you find the best possible insurance solutions for all of your business needs.

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By Laura Parkes