Business Owners Insurance

Business Owners Insurance

Running any business involves risk so you’re making a wise investment when you protect yourself with business owners insurance.

Why Do I Need Business Owners Insurance?

With the right type of commercial insurance designed for your needs you can protect all of your business assets such as office equipment, inventory, vehicles, etc. If your business success depends heavily on a key business partner, an employee, and especially yourself, insurance can help your business survive unexpected challenges and provide a temporary source of income if needed.

Options For Business Owners Insurance

Depending on the type of business you’re in and your own personal situation, there are a number of options to consider to protect your livelihood.

Insurance for key players: If the departure or death of a partner or a key employee would threaten the future of your business, or your own untimely death would leave your family with significant debt, then you should consider:

  • Life Insurance on yourself, especially if you are the only employee.
  • Partnership Insurance if you have a partner so you can continue with the business if they pass away.
  • Disability Insurance to give you an income if an injury or illness stops you from working.

Business Property Insurance: You can protect your business earnings and assets if some disaster or emergency destroys part of it or all of it with the following:

  • Commercial Property Insurance covers your business property and buildings if they are damaged or destroyed by fire or other specified risks.
  • Contents Insurance covers the inventory and other assets kept in your business location, which is especially important if you rent space for your business.
  • Commercial Vehicle Insurance is certainly needed for vehicles owned by your business but is also particularly important if you are using personal vehicles for commercial purposes.
  • Business Interruption Insurance: This is also called business income insurance since it provides you with income while you rebuild or recover from a fire or some other disaster that disrupts your operations.

Business Liability Insurance: No one means to make a mistake but they do happen and lawsuits follow. Here are the common types of liability insurance to protect your business from lawsuits:

  • Commercial General Liability Insurance covers you when customers or employees are injured at your premises.
  • Product Liability Insurance protects your business in case your products have defects or cause harm to anyone who uses them.
  • Professional Liability Insurance is needed for those who consult or provide advice in case a client sues for losses due to errors, omissions or negligence on your part.

What Business Owners Insurance is Right for You?

There is certainly a lot to think about so talking with an insurance expert makes good business sense. Feel free to contact Sean McNamara at Mitchell and Whale Insurance Brokers today at 1-800-731-2228 or email me at smcnamara@mitchellwhale.com. I specialize in business insurance and I’d be happy to help you.

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