{"id":485,"date":"2019-10-21T21:35:29","date_gmt":"2019-10-22T03:35:29","guid":{"rendered":"https:\/\/cowestdtc.com\/?p=485"},"modified":"2019-10-22T08:18:57","modified_gmt":"2019-10-22T14:18:57","slug":"everything-you-need-to-know-about-business-insurance","status":"publish","type":"post","link":"https:\/\/cowestdtc.com\/everything-you-need-to-know-about-business-insurance\/","title":{"rendered":"Own a Small Business? Here’s Everything You Need to Know About Business Insurance!"},"content":{"rendered":"\n

Owning your own business can be a rewarding and lucrative venture. As you create your business plan and start thinking about everything that needs to be done before you open, don’t forget to protect your startup with business insurance.<\/p>\n\n\n\n

Small businesses<\/a> should be especially careful, as one lawsuit could mean bankruptcy.<\/p>\n\n\n\n

Lost about the type of policy your business needs? Keep reading to learn everything you need to know to get your business owner policy insurance.<\/p>\n\n\n\n

Why You Need Business Insurance<\/h2>\n\n\n\n

Think of business insurance<\/a> like a parachute. You may not think you need it, because you can’t see any reason why you’d jump out of a perfectly good airplane. But if you’re suddenly pushed out of an airplane due to circumstances beyond your control, you’re going to wish you had one.<\/p>\n\n\n\n

Business insurance is the same way. While you may not think you need it, you can’t control what other people might do. If someone takes issue with your business and decides to sue you, you’re going to wish you’d paid the small monthly fee to have that parachute instead of skimping where it would have saved you.<\/p>\n\n\n\n

Types of Insurance<\/h2>\n\n\n\n

There are multiple kinds of insurance that your business might need, determined by the industry you’re in and the kinds of risk you’re open to. Some businesses can operate with fairly minimal liability insurance, while others need special coverages for their activities. <\/p>\n\n\n\n

Only a licensed insurance agent can help you decide what coverage is best to make sure you aren’t leaving yourself open to potential risks<\/a> down the road.<\/p>\n\n\n\n

1. General or Professional Liability<\/h3>\n\n\n\n

This is the base coverage every business should have. It covers negligence or failure to perform. However, there isn’t one policy that works for every business. Your agent can help you decide which concerns need to be addressed.<\/p>\n\n\n\n

2. Property<\/h3>\n\n\n\n

It doesn’t matter if you’re renting a space or you own the building your business operates in. If you have property of any kind, you need to ensure it. In the event there’s a fire or theft, and the property is damaged or lost, you’ll be grateful your insurance will be able to replace what you’ve lost.<\/p>\n\n\n\n

3. Workers’ Comp<\/h3>\n\n\n\n

Even if the jobs your employees perform seem low risk, you’ll want to utilize a workers’ comp plan in case there’s an on-the-job accident. These plans pay for medical treatment, any disability claims that result, and even death.<\/p>\n\n\n\n

4. Home-Based <\/h3>\n\n\n\n

There are an estimated 38 million home-based businesses in the US. If you’re one of them, you can’t always trust your homeowner’s insurance to cover business-related losses. Adding a business policy to cover the business supplies in your home, like inventory and equipment, means you won’t have to worry if something happens to your home.<\/p>\n\n\n\n

5. Product Liability<\/h3>\n\n\n\n

This is like general liability but relates specifically to the products you create. In the event a product you’ve sold becomes the target of a lawsuit, this insurance will cover that specific event.<\/p>\n\n\n\n

Getting Business Insurance For Your Business<\/h2>\n\n\n\n

Don’t leave your business parachute on the ground when your business takes off.<\/p>\n\n\n\n

Contact me today<\/a> and let’s make sure your business insurance is giving you the protection you need!<\/p>\n","protected":false},"excerpt":{"rendered":"

Owning your own business can be a rewarding and lucrative venture. As you create your business plan and start thinking about everything that needs to be done before you open, don’t forget to protect your startup with business insurance. Small businesses should be especially careful, as one lawsuit could mean bankruptcy. Lost about the type of policy your business needs? Keep …<\/p>\n","protected":false},"author":1,"featured_media":486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"yoast_head":"\nHere's Everything You Need to Know About Business Owner Policies<\/title>\n<meta name=\"description\" content=\"Own a small business? If so, then you'll definitely want to get insurance right away. 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