Do I really need business insurance

 

You have worked hard for your business, poured your heart and soul into it to watch it grow and flourish. Even if your business is small and not the multi-million-dollar empire many dream of, you still need to protect your hard-earned investment. To answer the questions simply, “Do I really need insurance for my business?” yes, you do!

The rewards of owning your own business are often way more than just monetary but the perils that come with it can be numerous as well. A sound business insurance doesn’t just protect your monetary investment in the actual business itself, it also protects your reputation as a business owner, your personal possessions and investments and your family’s future.

Commonly, a business owners policy or BOP includes:

  • Property insurance – which protects your building, business contents and/or equipment and inventory
  • Business income insurance– which covers lost income if your operations are suspended because of a covered loss
  • Equipment breakdown insurance– which protects you if your equipment is damaged from power surges, mechanical breakdown, burnout or operator error
  • Personal and advertising injury coverage- which covers copyright infringement, libel and slander
  • Bodily injury and property damage liability– which covers those instances when your employees, products or services cause harm to other people or their property
  • Medical payments coverage– which covers medical expenses resulting from injury to others on property you own or rent
  • Hired & Non-Owned (ENOL): Rented vehicle coverage- which provides liability coverage for autos that you lease, hire or borrow

If you own a small to medium sized business with less than $3 million in gross sales annually, Preferred Link can tailor a business owner insurance policy specifically for your needs. Contact a professional, licensed agent today to find out more.

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