Many business owners are aware that insurance can help protect your business’s property and assets, as well as provide coverage for general liability. But there’s so much more that business insurance benefits can do for you. Whether you are self-employed, have your own small business, or are running a larger business, these 4 benefits will show you that business insurance is really not something you can function without.
Even The Self-Employed Need Business Insurance
Many self-employed business owners, or small businesses that operate from home, believe that they don’t need specialized business insurance. But what many business owners don’t realize is that homeowners policies offer very little coverage for the business. There’s usually no liability coverage under a homeowners policy for products or services provided from your home, and very little contents coverage for business assets. Small or self-employed businesses run offsite will also not be covered by a homeowner’s policy. This includes businesses run from separate structures on your property, such as a studio or the garage. Having appropriate and adequate business insurance covers these gaps, keeping your business safe wherever you work.
Business Insurance Benefits Can Protect Your Digital Assets Too
It’s not just physical property and assets that your business insurance policy can cover. With more and more companies setting up a business online, your computers, networks, data, and devices need to be protected as well. Your business coverage can extend online in the case of cyber-attack, data breaches, data destruction, network interruption or website and server hacking. Business insurance can help cover the costs of the initial response to the attack, as well as any subsequent costs such as legal fees if your company is sued over a data breach.
Liability Insurance is for More Than Physical Damage
Product and service liability is an essential level of coverage that all businesses need. This coverage protects you financially if any damage or injury occurs related to your products or services. But it’s not just your business property, products or services that have the potential for harm. Your business might also become liable for personal injury, involving lawsuits for slander/libel, using someone else’s intellectual property without permission, and copyright or brand infringement. With dedicated business insurance, you have protection against all potential liabilities your business may face.
You Can Even Be Covered When Your Business Goes Down
Business insurance also offers your company something unique – coverage for when your business can no longer function as normal. Every moment that your business spends out of action costs you money and diminishes your efficiency. Business interruption insurance can help when a property insurance event such as fire, forces your business to temporarily stop operating. In this case, insurance can help you make loan payments, pay employee wages, and cover rent until you get back up and running.
Many business owners overlook these business insurance benefits, but the scope and coverage of business policies can be surprisingly valuable. Talk about the potential benefits of business insurance for your company today with our experienced insurance broker team.