As a small business owner, chances are you wear many hats. Who knew one of them needed to be an insurance expert as well? The truth is business insurance is one of those things that can literally keep your doors open when tragedy strikes. It’s important to understand what it is, how it works, and why you need it so, you know your business is adequately protected.
Understanding Business Insurance in Illinois
Business insurance protects your business and you as the owner in the event of a lawsuit or third-party claim. Business insurance is especially important for small business owners. Insurance helps protect your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster. Many times, if you rent an office or space a landlord will require you to carry a certain amount of liability coverage.
Types of Business Insurance Coverages
There are business policies that cover every type of business, big or small and offers many coverages you can add to make a custom protection package.
Coverages include any financial liability, costs associated with legal fees and you can even add coverages to protect everything from your building to your inventory.
- General Liability- if someone is injured at your place of business, the most significant example is slip and fall coverage.
- Property Coverage- this is for all the stuff that make up your business, things like inventory, equipment, computers, etc. If you renovate your leased space, this will cover the improvements, or the building if you own it.
- Business Income Coverage- If a covered loss such as fire forces you to suspend business operations during the repair process, business income may help you recover some of the lost revenue during your downtime. This coverage does not cover “being slow.”
When you start the application process for business insurance, be sure to disclose all aspects of your operations. Business policies may have exclusions for specific activities; you do not want to find out at claim time you have no coverage.
Is Your Business Exposed?
The unfortunate truth of the matter is if you aren’t carrying the right insurance policy for your business and you suffer a loss, you could risk losing your business altogether. At Insured ASAP we understand the unique needs of business owners like you and do all that we can to ensure your livelihood is protected. If you have questions about your current Business Insurance or would like to discuss a new policy, please give us a call today. Our insurance experts are here to answer your questions and listen to your concerns. Don’t risk losing everything because you aren’t covered properly.