3 Reasons You Need Business Insurance
When disaster strikes and you're faced with a building full of storm, fire, or water damage, one of the first calls you should make is to your insurance company.
Here are three of the main reasons why you need business insurance.
1. Legal Requirements
In all 50 states, business owners are required by federal law to have the following three types of business insurance: Disability Unemployment Worker's compensation Other requirements may vary from state to state, and you may find it wise to purchase additional coverage based on your industry and location. For example, if your business creates and sells products, you will likely need to add product liability insurance, which protects against any injury caused by a defective or otherwise malfunctioning product.
2. Natural Disasters
When severe weather strikes Fort Collins, CO, it's important to have the right insurance coverage to protect yourself against water damage and other destruction, as well as for other costs such as paying a company for storm damage restoration. For example, larger businesses with a lot of assets and property may want to purchase commercial property insurance, which protects owners in the event of storms, fire, and natural disasters as well as vandalism and even civil disobedience.
3. Peace of Mind
One of the biggest reasons to purchase business insurance is that it will give you peace of mind. Accidents happen, and no matter what type of business you're in, there's coverage geared toward you. In addition to the types of coverage mentioned above, business owners may also want to consider:
- General liability insurance
- Professional liability insurance
- Home-based business owner insurance
Many individuals also opt for a bundled business owner's policy, which combines multiple types of coverage.
Whether it's to protect your employees, cover your fleet of vehicles, or just to avoid paying for water cleanup out of pocket, it's imperative that your business carries insurance. Nobody plans for soot or water damage, broken pipes, or defective product lines. In the event that the unexpected occurs, paying upfront can mean paying significantly less later.