When thinking about business insurance, natural disasters such as floods are the first ones that come to mind. Thefts are also very high on people’s lists.
But these are not the only problems that might arise. Without further ado, here are top 5 other key reasons why you need business insurance:
1. Business interruption
There are calamities that stop a whole state’s activity for a few days. No one wants even to think about them, but they are not unheard of. So it is best to have insurance no matter what until you are able to resume activity.
2. Equipment found in your business vehicle
If someone steals valuable items from your company car, this can make a huge hole in the budget. A regular auto insurance usually doesn’t cover theft losses for the car’s contents. Not to mention that the equipment or parts of it can be lost be reckless employees and that sure won’t be a great day at the office.
3. Equipment you keep at home
You might choose to preserve some pretty pricey equipment at home or perhaps you actually own a home-based business. That won’t be covered by your house insurance policy so you need a professional and specific solution.
With all the robbers that are out there, one really needs to think of such situations. Homeowner’s insurance won’t come in handy so business insurance is the go-to alternative.
4. Insurance for main persons in the business
When key employees become unavailable due to various reasons such as health-related issues, the company will eventually struggle at least a bit to recover. A single person can mean a lot and its permanent or temporary inability to provide services will certainly be a problem.
It is possible to obtain coverage from an insurance company until a new successor is named or the person returns. Having it just in case is not a bad idea.
5. Improvements made to rented properties
If you rented out a space, you probably invested heavily in improving so that it could host your company. Do you think that property insurance refers to this kind of improvements?
Guess again. You will need your own coverage to protect the investment and to avoid spending money for nothing. Discuss this with an insurance agent to find out the particularities of your case.