13 Nov Business Insurance, what is it and do I need it?
You have built your business, it might be brick and mortar or completely virtual however despite the physical location of your business there are aspects that require protection. A business can hold many assets; vehicles, equipment, inventory and YOU! Business insurance can assist in protecting these assets and safeguarding you from additional risk.
Business insurance encompasses a wide range of coverage, including insurance for business property, liability insurance, accounts receivable insurance and health care insurance. Each of these areas combine to provide a business with comprehensive coverage and protection.
- Business Property Insurance – Property insurance does not just cover the property and building of your business, but coverage can also include business interruption, equipment breakdown and crime. Depending upon the nature of your business, a circumstance that causes you to have to temporarily close your doors can be costly.
- Liability Insurance – Liability Insurance is designed to offer protection against third party claims. Under liability are specific options to protect professionals, directors and officers and businesses generally.
- Accounts Receivable Insurance – Your businesses receivables can often be overlooked in terms of risk management and one of your largest assets. Accounts Receivable insurance can protect your business on losses due to political and commercial risks.
Business insurance is broken out into numerous options. It is important to discuss your business with an insurance broker to ensure the insurance coverage you decide upon translates appropriately to your business. Planning for the unexpectant and preparing for same, can assist in mitigating unnecessary risk for your business and yourself.
Do you have questions on this article or about insurance in general?
Contact Rizk Insurance today and we’ll help answer any inquiries you may have.