Business insurance is designed to cover against a variety of hazards that could potentially impact your business finances. That way, your company can remain profitable, even when disaster strikes.
If your inventory is damaged, if a customer files a liability lawsuit, or if one of your employees is severely injured on the job, a comprehensive business insurance plan can ensure that won't have to worry about how these expenses will affect your business’s bottom line.
Here are some of the ways a well-built business insurance policy package can safeguard your company:
- Pays for damage to your building or business property
- Example: A lightning strike ignites a fire, which destroys the warehouse where you store your business inventory.
- Pays for someone else’s property damage or medical bills
- Example: Your business is sued for copyright infringement when your company’s jingle is remarkably similar to one used by another business.
- Pays for accidents involving company vehicles
- Example: While on the way to a job site, a construction vehicle owned by your company slides on an icy patch of road and collides with a couple cars.
- Pays for the treatment of employee injuries and occupational illnesses
- Example: An employee at your manufacturing plant requires skin grafts and an extended hospital stay after suffering second- and third-degree burns due to a malfunctioning machine.
- Provides a continuation of income during forced temporary closures
- Example: A winter freeze causes burst pipes cause the shopping center in which your business is housed. The resultant water damage forces the building to close down for more than a week while repairs are made. You cannot reopen your storefront until the structure of the mall is back up to code.
In addition to the coverage mentioned above, there are many more commercial policies available that you can add to your business insurance coverage package. You can therefore build a policy portfolio that is fully customized to meet each of your company’s specific exposures.How does business insurance work?