Business Insurance

Do I Need Business Insurance?

There are many businesses that were very profitable, but due to a single claim, many of them went bankrupt and decided to close permanently.

I’ll explain to you why your Business is in need for Insurance Coverage.

Having insurance for your business will protect you against financial loss. For example, a customer could get injured, and you may be required to pay their medical bills and legal fees. This is when Insurance steps in to take care of it.

As a business owner, if you don’t have Insurance then you may have to pay out-of-pocket, to cover expenses or losses. And if you do so then you’ll always be worried and not have time to focus on growing your business. 

Business Works Better With Insurance

What does Insurance cover?

Business insurance is a general term that is used to describe one or more different coverage. The most common coverage for small businesses is General Liability.

 While every business is unique, all small businesses should consider general liability coverage.

General Liability protects your business against third-party injuries and property damage (e.g. falls, slips, broken windows). 

Other Insurance Coverage you might need:

  • Commercial Property Insurance: This is a coverage to protect your business against damage of property due to different events. For example, fire, smoke, wind, and vandalism are covered under this. 
  • Product Liability Insurance: If you are a manufacturer, distributor, or a retailer, this coverage is for you. Product Liability will protect you against financial loss due to a defective product that causes bodily injury.
  • Professional Liability Insurance: This coverage protects against financial loss due to improper errors, and irresponsibility.
  • Commercial Auto Insurance: You will need this coverage if you use any vehicles for your business. It will include travelling between job sites, transporting equipment, or making deliveries.
  • Cyber Insurance: If you collect, store, or process personal identifiable information, you will need this coverage. Cyber Insurance will protect you against data breaches, ransomware, business interruption, and regulatory fines. 
  • Home-Based Insurance: If you have a business that you run from your home, this coverage is for you. It will be added to your homeowner’s policy, and will protect your business tools and has liability coverage for third-party injuries.
  • Worker’s Compensation Insurance: This coverage will protect you and your employees. It will help cover for medical costs and lost wages of employees who get injured or sick on the job. 
  • Business Owner’s Insurance: This is a package policy that includes multiple coverage options. It is simple and can save you money as you are buying multiple coverage at the same time. 
To conclude, a coverage for your business in all kinds is needed to protect your business against financial loss. 
At Bottom Line Insurance, our agents have the expertise to help you navigate which insurance coverage your business needs, and to help you get it for the lowest prices.
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