SunGate Insurance Agency Blog
Business insurance can be a complex subject, with many internal variables that need to be examined before a wise decision can be made. For this reason, anyone considering business insurance should first seek the advice of a reputable broker or agent. This article will detail a few of the many variables our commercial insurance agents look at.
As with most insurance types, business insurance is used to protect the business and the business owner should unforeseen events happen to the business. Your business depends on making sure that you are covered for those events that are most likely to happen and to never find yourself unprotected, which might lead to the financial collapse of the business.
Business insurance can be purchased to cover virtually every aspect of the business. For example, most business owners have a policy that protects them should they lose their business property. Fire and theft insurance would be two means of doing this. Business owners may also want to protect their inventory and their equipment. As well, they most often want to have some form of protection in case an employee is injured on the job.
The types of business insurance and the levels of coverage are often determined by the type of business itself, but it can also be influenced by lenders who hold portions of the business as security against loans that may have been made to the business in the past. Lenders who have financed expensive machinery or other types of equipment will often want the business owner to have some form of insurance on the machinery. This use of insurance helps to protect the lender as well as the business owner should loss occur to the insured item.
The use of business insurance is also important as a form of protection against personal liability. Personal liability is when a business owner or owners can be held personally responsible for injuries or damages that occur on the business property or during the course of normal business operations. If a business owner is found to be personally liable for damages or injuries, the owner will have to use his or her own assets to pay for those injuries or damages. This might include the sale of a private home, automobiles, cash, savings, or any other asset that has value. There are business insurance policies that can help protect an owner against such claims.
Although business insurance is considered an expense, it is often a tax deductible expense. Anyone who is thinking of starting a new business or buying an existing business should invest the time needed to research the types of insurance they will need for that business. Again, the very best way to do this is to speak with a reputable agent or broker. Once you have a clear idea of exactly what you will need you can then begin to shop for the best prices.
At the very minimum you want to make sure that your personal liability is covered by some form of business insurance. Ignoring this may cost you everything that you have worked for and earned.
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