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Get business insurance

Business insurance protects you from the unforeseeable costs of running a company. If you do not have the right insurance, accidents, natural disasters and lawsuits could put you out of business.

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Choose the type of business insurance you need

The protection you get from choosing a business structure like a limited liability company (V.B.A.) usually only protects your personal property from lawsuits, and even that protection is limited.

In the event of a disaster, business insurance can fill in the gaps ensuring that both your personal assets and business assets are fully protected.

In some cases, you may be required by law to purchase specific types of business insurance.
Every company with employees is required by law to have worker’s compensation, unemployment and disability insurance.

It is always a good idea to make enquiries at insurance companies about the availability of additional insurance policies for employees .

Some common types of business insurance

You can find insurance to cover any other business risk, after you have purchased the insurance required by law. As a general rule, you should insure against things you would be unable to pay on your own.

Consult with insurance agents to determine what types of coverage are appropriate for your company and compare terms and prices to find the best deal. Here are a few of the most common business insurance policies to look for:

Liability insurance Insurance for third parties in the event that an individual in your building is involved in an accident.
Product insurance Insurance for your business’s products or inventory.
Inventory insurance Your inventory, such as chairs, tables and computers, is covered by inventory insurance.
Building insurance Insurance against fire and theft.

Four (4) steps to buy business insurance

1. Assess your risks. Consider how accidents, natural disasters and lawsuits could damage your business. Make enquiries about these options and choose an insurance company that can assist you in assessing your risks and ensuring that all aspects of your business are covered.

2. Find a reputable licensed agent. Agents who specialize in commercial insurance can assist you in finding policies that are tailored to your company’s specific requirements. They receive commissions from insurance companies when they sell policies, so it is important to find a licensed agent who is as concerned with your needs as he or she is with his or her own.

3. Shop around. Prices and benefits can vary greatly. You should shop around for insurance and compare rates, terms and benefits from various agents.

4. Re-assess every year. Your liabilities will grow in tandem with your business. If you have upgraded or replaced equipment or expanded your operations, you should talk to your insurance agent about how these changes will affect your coverage.

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