Business insurance is designed to cover financial losses, damage, and other expenses associated with covered events so that your company isn’t hit by large financial setbacks.
If your inventory is damaged, if a customer files a liability lawsuit against your company, or if one of your employees is severely injured on the job, as long as you have the right business insurance coverage in place, you won't have to worry about how this will affect your company’s bottom line.
Here are some of the things you can expect a well-built business insurance policy package to do for your company:
- Pay for damage to your business property
- Example: An accidental fire damages your company’s warehouse. Tens of thousands of dollars worth of inventory is lost due to fire, smoke, and firefighting efforts.
- Pay for someone else’s property damage or medical bills
- Example: Your business fails to properly alert customers to a wet floor after an employee mops up a spill, and a customer is badly injured in a fall.
- Pay for accidents involving company vehicles
- Example: Your human resources recruiter is distracted by his GPS while driving to job fair in a company van and causes a multi-car pileup.
- Pay for employee injuries and occupational illnesses
- Example: An employee at your gas station is injured during an overnight robbery.
- Provide a continuation of income during forced closures
- Example: A tornado significantly damages the building in which your business is housed. Because of widespread damage, it takes several weeks before your business can be brought back up to code and reopened.