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Business insurance does more than provide peace of mind and protection from loss or liability. The right policies support an overall operating strategy that helps you stay competitive, weather unforeseen accidents and overcome catastrophes.
No one likes paying for insurance, though, and some business owners carry only minimal coverage to save money. Or, they think their business doesn’t need insurance because it operates as a corporation or limited liability company. Either of these attitudes can expose a small business to devastating losses. Minimal coverage may not provide enough compensation. A business entity protects the owners from personal liability for business obligations, but it does nothing to help the business itself survive fire, flood or litigation.
Here are the types of coverage you should consider:
Once you have policies in place, review them at least once a year to be sure your needs continue to be met. Check to see if existing policies should be changed and whether you need to add new types of coverage:
How much insurance do you need? The answer depends on the size and nature of your firm, and the potential for loss or liability. Talk with a business insurance agent – better yet, shop around and speak with several different agents – to get advice on the most comprehensive coverage you can afford.