What You Need To Know About Small Business Insurance

ID-100362858Small business owners often do all they can to cut costs while providing the best service possible for their customers. If someone perceives that your business is at fault for an injury or damage of some kind, you may find yourself involved in a lawsuit. Your time and money go into your business, it simple – protect your investment.

Types Of Businesses

A high number of the businesses in United States are run as partnerships or sole proprietorship. For almost all of these small businesses, these kinds of ownership may put the business and individual at a risk. Having the correct type of Business Insurance can protect your business and you from financial disaster.

It’s often mistaken that a limited liability company (LLC) or an incorporated company is a business owner who is protected from personal liability and Business Insurance is not necessary.

You can be personally liable if:

  • you have signed a personal guarantee for a loan
  • personally you have injured someone
  • you have acted in an irresponsible or illegal manner
  • you do not operate your business as a separate entity

What Business Insurance Covers

Business Insurance is known as General Liability Business Insurance. Business coverage includes personal injury where a person is hurt due to the negligence of our business, due to an item your business has sold or by one of your employees. Property Damage includes claims from customers as well as damage to your own property due to a storm, break in, etc. Lawsuits are also covered and include advertising claims and slander on your business’ behalf. Covering your employees for injuries while on the job and death are also included.

Home Business

Your home business is not covered under your homeowners policy. Don’t make this mistake! Consider purchasing Business Insurance.

Amount of Coverage

When you purchase your General Liability Business Insurance you must consider the risks of your business and the amount that your state caps on lawsuits against small businesses. If you remodel homes your business is at a higher risk of lawsuits, property damage and injuries than if you make and sell crafts. Your business risks will determine the amount of coverage you need to purchase as well as Florida’s caps on your type of business. Budget Bi Rite can assist you with these types of decisions.

What To Do If Facing A Claim

If you have been sued, if a worker has been injured, if your property has been damaged, contact your Business Insurance company immediately. Save all of the information you receive, take photos, get witness contact information, and follow through with your insurance company. Be sure to document everything. This can be a worrisome time, but knowing that you have Business Insurance will make this go a lot smoother.

Have Questions?Call us today to get your questions answered. 863-453-3903 or visit our website budgetbirite.com

 

Photo Courtesy of nenetus. at FreeDigitalPhotos.net

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