What types of insurance are essential to protecting your business?

What types of insurance are essential to protecting your business?

Small businesses are considered by many to be the backbone of our country, but the reality is that a majority of them fail. You can go the extra mile to protect the future of your business from some of the risks and challenges that befall many small businesses by purchasing the right types of insurance policies.

As a business owner, you are acutely aware of the factors that can have a negative impact on the success of your business — competition, market downturns, natural disasters, employee and security issues.

When it comes to purchasing insurance for your business, having the right types of insurance and adequate coverage amounts can make the difference between weathering these challenges and continuing to do business or closing your doors. It only takes one disastrous event to destroy all of the hard work and money you’ve put into establishing yourself in the business world. The good news is that there are many different business insurance types that are available to protect you from a wide range of potential problems. They include:

  • Errors and omissions ( E&O) insurance
  • Property insurance
  • Workers’ comp insurance
  • Product liability insurance
  • Vehicle insurance
  • Business interruption insurance

If you operate a business out of your home, you’ll need additional insurance to cover your equipment and/or inventory.

What happens if you don’t have insurance when you need it?

A lot of time and money go into starting a new business venture, and purchasing business insurance is often not at the top of the “to-do” list. But, what happens if an employee is hurt on the job or a customer has an accident while on your premises? What if your product is defective or has safety issues?

Without the right insurance coverage, you could be looking at expensive legal fees if you end up being sued for damages. If you don’t have property insurance or if you don’t have enough coverage on buildings, equipment, furniture, and inventory, a storm, fire, or break-in could be a real disaster. It could mean your business closing its doors.

Get covered

Business insurance provides you with financial protection if your commercial property is destroyed, if one or more of your employees are hurt, and if your business is sued. But, making sure that you have the types of business insurance you need takes a lot of time spent researching different options and types of coverage.

An independent insurance broker like Daniel Fraisse can save you a lot of time and money which you can put to better use getting your business off the ground. Dan has more than 30 years of experience working with many of the major insurance carriers, and is very knowledgeable when it comes to the types of essential business insurance available to fit your specific needs.

If you need to get business insurance in Los Angeles, call or click on the website. Let Dan Fraisse take the hassle out of shopping for insurance for your business.