Every company—large and small—needs business insurance. The right coverage can protect you from losses and the fallout from lawsuits against your business.
If you don’t have adequate protection, you can end up with a significant financial burden. Sadly, many businesses go under every year due to incidents for which they didn’t have insurance.
Rather than having one all-encompassing policy, business insurance companies offer various policies that address different business risks. That way, customers can purchase only the coverage they need. And should you need to prove you have coverage, you can get a Certificate of Insurance (COI) for each policy.
Seven of the most common policies are:
Your business may need all the above policies or only a few, but you must have adequate financial protection.
Getting the appropriate insurance coverage for your business is easier than you may think. It starts by finding a trustworthy insurance provider that makes it easy to get coverage.
That means a company that meets several criteria, including:
Once you’ve found the best company to meet your needs, you should read about its insurance products on its website. The information there should explain what the different policies cover, what types of businesses they’re appropriate for, etc. Still, you shouldn’t hesitate to talk with a company representative if you have any coverage questions.
Next, you should be able to get instant online quotes for the policies that interest you. Keep in mind that a reputable insurance company will allow you to customize a policy in a way that meets your needs. For example, by raising or lowering your policy limit and deductible, you can increase or decrease the amount you pay for coverage.
The only caution is that if you increase your deductible to lower your monthly premium, you must have enough money set aside to cover the deductible should an incident occur.
You certainly don’t want to rush your business insurance decision. But once you know what you need and which insurance company you want to work with, you should purchase policies promptly for two reasons. First, you don’t want to delay your purchase and have an incident occur before you have coverage.
Second, having policies in effect enables you to turn your attention to your business, confident that your insurance company will be there for you if the unexpected occurs.
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