In business there are always potential risks, which is why insurance is essential. Insurance helps to negate those risks, while protecting any assets you may have.
Does your business have any inventory, office space, equipment, staff, etc.? If so, you require business insurance to protect those assets. There are a variety of insurance coverage options available to you when assessing what protection you require for your business.
Insurance for Business Property & Earnings
Protecting your assets and earnings in the event that an insured peril destroys part or all of your business assets and premises, is vital. Depending on your policy there may be exclusions and situations that will not cover the peril; this is something you should speak to your broker about. Here are some types of insurance that protects your business property and earnings.
Property insurance will protect and cover the property owned by your business in the event of damage or destruction, such as fire, theft or weather damage.
Will protect the assets you house at your business location. If you are leasing or renting space for your business, the property owner most likely has property insurance, however, you would then require contents insurance to protect your assets.
Business Interruption Insurance:
If anything were to happen to your business, such as a fire or natural disaster, business interruption insurance steps in to assist your company with any losses associated with being temporarily unable to operate.
If your business owns any vehicles you require insurance for those vehicles. If you use your personal vehicle for business you must inform your insurance company.
Accounts Receivable Insurance:
Accounts Receivable Insurance will protect you from situations when clients do not pay or if clients go bankrupt. If you deal with export markets, you can get export insurance which covers a variety of risk including Accounts Receivable Insurance.
Unfortunately, mistakes happen and when a mistake hurts your customers, employees or others involved in your business the following types of liability insurance will limit your liability.
General Liability Insurance:
Provides coverage for your business operations and the premises in which you operate from. Will protect your business and protect if any clients, customers or employees sustain an injury on your premises.
Product Liability Insurance:
Provides coverage for products and completed operations; if your products cause any harm or are defective, this coverage will provide you with protection.
Professional Liability Insurance:
Includes Errors and Omissions/ Directors and Officers/ Employment Practices Liablity; Provides protection from being sued by a client for errors, omissions or negligence that occurred when assisting them with a professional service.
Protecting your business from potential risks, makes perfect sense and that is why all businesses require commercial insurance coverage. As always, be sure to speak with your Youngs Insurance Broker today to discuss your business insurance policy. If you are not currently a Youngs Insurance client, we would be pleased to review your existing coverage, and provide you with an analysis of your insurance portfolio at no charge.
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