Business owners sacrifice time, energy, and so much more to run a successful business. What if, despite all of your hard work and efforts, an accident happens that damages your business? This is why business insurance is so important. There are many things that happen, which are out of our control. Don’t chance it, make sure your assets and business are protected. Here are a few important reasons to invest in business insurance.
1. Protection Against Liability Claims
As a business owner, you interact with customers, clients, employees, contractors, investors, and other stakeholders. While you endeavor to serve them well by providing excellent products or services, sometimes accidents happen which can lead to liability claims.
Examples of Liability Claims
Here are a few examples of liability claims a business may come across:
- Bodily injury (customers or employees)
- Advertising injury
- Property damage
- Attorney fees
- Court settlements
How Does Business Insurance Protect My Business Against Liability Claims?
General liability insurance protects your business by providing the finances needed to pay for third-party claims.
Example: A customer slips and falls at your business. Your general liability insurance will cover the medical costs of the accident.
Liability Insurance Specific to Your Business
Each business is unique, so you should explore other forms of liability insurance specific to the type of product or service you sell. Talk to your agent about additional coverage options such as product liability, cyber liability, and commercial auto insurance. Make sure every aspect of your business is covered.
2. Safeguard Your Assets
Your business owns many assets like your building, vehicles, computers, and office equipment. What happens if you are the victim of a fire, theft, or other damaging event? What if there is a disruption to your business, which means you aren’t able to operate – leading to lost income? A business insurance policy may save the day, and your business.
How Does Business Insurance Safeguard My Assets?
There are a few aspects of your business insurance policy that will protect your assets. Some examples include:
- Property Insurance – covers physical assets like your office, inventory, and equipment
- Liability Insurance – protects physical and financial assets from lawsuits
- Business Interruption Insurance – if you aren’t able to conduct business, enables you to replace lost income and continue to pay bills
3. Legal Requirements
In some cases, having business insurance isn’t a choice – it’s a legal requirement. In the state of Ohio, you must have workers’ compensation insurance and commercial auto insurance. Here is a little bit about both:
Workers’ Compensation
Works’ compensation insurance is required for any business with employees. If an employee is injured on the job, workers’ comp covers their medical bills and lost income.
Commercial Auto Insurance
If your business uses a vehicle for business purposes, you must have commercial auto insurance. Commercial auto insurance operates similarly to regular car insurance. If the work vehicle is part of an accident, the insurance will cover the cost of damages and injuries.
These options represent the bare minimum insurance requirements, but really to keep your business safe, you should at least invest in a general liability insurance policy.
Business Insurance with Ianniello Agency
Are you ready to make sure your business insurance policy is serving you and your business the way it should? Let’s review your current policy together to see if it’s meeting all of your business needs. At Ianniello Agency, we offer a range of insurance, employee benefits, and financial services for businesses. You can request a quote, or contact us to start the process.
