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Protect Your Business With Affordable Policy Options

Say you've started your own business. Are you prepared in case of a disaster? Besides fire or theft, do you know what you'd do if your partner died, your bookkeeper embezzled money from the company, or an employee or customer was injured at your place of work?

Even if your company is small and just starting out, you should have business insurance in place. In many states, it is required by law. The fact is that anyone can be sued for almost any reason, and if a judgment is entered against you, it will not just "go away." Your wages can be garnished, your equipment could be seized and sold, any assets and/or bank accounts could be seized to pay the judgment.

Even if you are incorporated, that will not necessarily protect your personal assets against a judgment. Typically, smaller business owners, even if incorporated, can end up being sued, and may be held liable for any resulting judgment.

If you are a home-based company, your homeowners' policy may not cover your work property. More than half of all home-based organizations are underinsured at best. And web-based entities should consider protection against hackers and viruses.

When you're considering your options, remember that many choices are available for policies, including:

  • General liability - these policies protect against bodily injury, property damage, medical expenses, libel, slander, lawsuit defense costs, judgments, and appeal bond costs.
  • Product liability - this is to ensure that any products you manufacture are safe to use.
  • Professional liability - any company that provides services should consider this type of insurance. The coverage protects against malpractice, errors, and/or negligence. Some professions, such as doctors and lawyers, are required by law to have this type of protection.
  • Commercial property - this covers any loss or damage to company property, including buildings, computers, company records, cash on hand, income, and business interruption. The types of hazards it insures against include fire, flood, crime, vandalism, smoke, wind and hail storms, and civil disobedience.
  • Home-based organizations - you can add riders to your homeowners' policy that cover your company against property damage. But you may need to purchase additional protection to cover other risks.

Starting a new business can be both exciting and scary. You can make it a little less scary by taking the time to plan and purchase the right option for your company's needs. We can help you decide which option is right for you.