If you own a business, the thought of a lawsuit threatening your company or an accident destroying your property will most likely fill you with a sense of dread. If you are not insured in the event of a business calamity, this sense of dread is warranted. Most people who are not insured find it difficult to conceptualize a future where their livelihood is at stake, since the threat feels so distant, so improbable. However, if your business is in danger of a liability claim, impeded by a natural disaster, or losing income after an unexpected setback, having the right insurance can be the difference between remaining unscathed and financially secure or closing your doors for good.

Here are some things you should keep in mind when choosing your insurance policy and protecting yourself from an unpredictable world.

Getting Started.

Keeping your business afloat can be difficult enough as it is, and just one unexpected financial crisis can be all it takes to bring you down. Insuring your business should be one of your top priorities. The first thing you should consider are the types of policies your specific business might need. For example:

• • If you own a landscaping business, look into attaining an extended business income provision policy. If your equipment fails or you lose workers and need a certain amount of time to get everything back in order, this policy will cover the income you will have lost while your work was halted. Also, since landscapers often use herbicides and pesticides, there is a chance that something may go wrong when using these chemicals. Herbicide and pesticide insurance will cover you for any costs that may arise, like property damage or pollution.

• • Real estate businesses may need commercial auto insurance if an employee has an accident while driving for work. Also, employment practices liability and employee benefits liability insurance will be helpful. This will protect you in case an employee makes a wrongful termination claim against your company, or your employee claims that he or she was not given the agreed-upon benefits.

• Restaurants should get liquor liability insurance and temperature change insurance. If a customer causes an incident after consuming alcohol served by your restaurant, liquor liability insurance will cover any costs if a claim is made against your company. Furthermore, temperature change coverage will reimburse you for any lost supplies if your refrigerator malfunctions.

Remember to assess your needs and find the policy that will suit you and your business.  

What it Will do for Your Business.

Every business needs insurance. Not only will it protect you from lawsuits and ‘acts of God,’ but it will also help the day-to-day operations of your business function more easily. Having the right insurance will help you in ways you might not have expected.

• • Having insurance for your business will make your business look more professional and trustworthy. If your clients see that you’re insured, it means that they are insured, as well. If anything goes wrong with a good or service they purchase from you, they know they can be compensated. Stating that your business is insured is a great way to let potential clients know that you are serious about the work you do.

• • Having insurance is not only important, it’s actually mandatory. The law demands that businesses have certain insurance policies to protect workers. If your business has employees, you need to have workers comp, unemployment, and disability, otherwise you could be fined, charged with a crime, or have your business shut down.

• • Your business is more attractive for employees if you offer insurance benefit policies, like healthcare and disability. Finding and holding onto good employees is a major problem for business owners. Offering benefit programs that will protect them and their families in case of an emergency is a great way to encourage them to come and work for you.

• Throughout the course of your career, your business will most likely need to sign a contract. This will probably happen more than a few times. If you’re not insured, you might not be able to actually sign the contract, especially if your business leases or rents your business resources, tries to obtain a loan to build new buildings or equipment or even gains a new client.

Insurance is not merely for the few occasions when something goes wrong, but insurance is necessary to help things go right. Having insurance will provide peace of mind so that if something does go wrong, you will know you are properly protected.  Contact us at Bieritz Insurance to learn more about a business insurance policy.  We can help guide you in obtaining the insurance you need at a cost that works for your business.