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Business insurance does more than provide peace of mind and protection from loss or liability. The right types of business insurance support an overall operating strategy that helps you stay competitive, weather unforeseen accidents or events, and overcome catastrophes.
Paying business insurance premiums creates expense, though, and many companies choose to minimize their coverage, especially if those policies have not been needed for some time. However, since all it takes is one natural disaster, one liability claim, or one employee accident to cripple a company, maintaining the right insurance coverage is absolutely critical.
Here are 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 be sure whether 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 of your company, the nature of your business, and the potential for loss or liability. Talk to a business insurance agent – better yet, shop around and talk to several different agents – to get advice on the types of coverage you need and can afford.