Today many people dream of opening their own business. And, for thousands of them, their dreams eventually becomes a reality. For most entrepreneurs their operations are started on a small scale and, sometimes, even as a hobby. One of that last things people think of is having the proper insurance if "something happens".
Business Insurance protects the small business owner (who's usually in a cash strapped position due to mailing every available dollar back into their business) if and when adversity should occur. Adversity for a small business can come in many ways … a fire could destroy your inventory … a power outage could have caused your stock to spoil or a customer or client could accidently be injured while visiting your store or business.
Here's some other examples of coverages a good business insurance policy will provide …
• Accidental direct physical loss to your building (if you own your building) and contents
• Business Liability to protect you if you face a lawsuit from the operation of your business
• Loss of Income coverage if your business is not operational due to a covered loss.
• Extra Expense coverage to get you back in business as soon as possible after a covered loss.
The above list is a brief example of the coverage a small business owner needs. Since all businesses are different you should contact a professional insurance advisor to get specific coverage recommendations for your particular business.
Many entrepreneurs start their businesses on a shoestring budget and try to cut corners by keeping their expenses to a minimum. But remember … one "incident" can wipe your business out. Make sure you budget insurance into your business expenses.