Business insurance or commercial insurance is for YOUR protection. As all insurance is meant to reduce your risk under certain conditions, business insurance is meant to protect you from liability under a multitude of circumstances.
From an umbrella policy that covers just about any type of incident or accident that could adversely affect your business to specific insurance plans that cover very specific areas, insurance coverage is imperative. A great example is flood insurance. Some areas may seem “safe” from flooding and yet it still happens. That’s when an umbrella policy would be effective for covering the water damage caused. On the other hand, if you live in a known flood plain it is probably a good idea to supplement your umbrella policy with a specific flood policy.
Insurance does more than provide protection from life’s unfortunate events. Insurance provides a peace of mind that if something does happen that you can and will recover. Many bankruptcy filings happen because a business did not have the proper insurance plan in place before a disaster strikes. When that happens the cost to recover can prevent the recovery from happening.
A key consideration for your insurance needs is to find an agent that is willing to go above and beyond when disaster strikes. I’ve heard the stories of the insurance agent beating the fire trucks to your house when it’s on fire. Or the agent that helps move furniture out of the guys basement as the water is pouring into the home. A good agent will represent you, protect you and go to bat for you when you need him to. Find a good one! Insurance always seems like an unnecessary expense but it will save you time, money and headache in the long run.