In business, there are always potential risks, even for small businesses, which is why insurance is important. Insurance coverage protects your business by helping negate risks, providing peace of mind.
Does your small business have any inventory, equipment, office space, 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.
Protecting your Business Earnings & PropertyProtecting your assets and earnings in the event that an insured exposure destroys part or all of your earnings and premises, is vital. Depending on your policy there may be exclusions and situations that will not cover the exposure; this is something you should speak to your broker about.
Types of insurance that protect your business property and earningsProperty Insurance: Protects and covers the property owned by your business in the event of damage or destruction, such as fire, theft or weather damage.
Contents Insurance: Protects the contents you hold at your business location. If you are leasing or renting space for your business, the property owner most likely has property insurance, however, you still require contents insurance to protect the contents in your space.
Business Interruption Insurance: If you experienced a temporary closure or suspension of your business due to a claim arising from an insured peril - business interruption insurance will step in to assist with the recovery process.
Auto Insurance: 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 and/or go bankrupt.
Protecting your business from potential risks, makes perfect sense and that is why all businesses require commercial insurance coverage. If you are considering business insurance, we would be thrilled to provide you with a no obligation quote.
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