If you have a business up and running, have you wondered what types of insurance you should have surrounding the company itself and all related personnel? Typically, you’re going to go over all that type of material as you’re starting and incorporating your brand, but some people skip that step to their own detriment.
Surrounding your business concept, it’s not a bad idea to have personal insurance, building damage insurance, liability or malpractice insurance, and some sort of financial coverage behind you. Really, if you can’t afford insurance in the categories that might ruin your business, you probably need to think again about how much startup cash you need to be successful effectively.
When you purchase personal insurance, you’re covering yourself as an individual against the needs of your company or other tangential factors. If you run into a situation where you are responsible for bodily injury or property damage, that can count against your personal insurance. The incident in question may have been accidental, but if a court finds that you are responsible, having that protection will mean that you don’t personally go bankrupt and that your business will be affected negatively as well.
Building Damage Insurance
If you have a physical storefront, what is the possibility of some building damage occurring? And there are all sorts of crazy incidents that can cause this damage. It can be weather. It can be vehicles on the street. It can be fire from a neighboring building. There are all sorts of ways that your location or office can be damaged, and to get your business up and at it again, you need to repair it. If you have building damage insurance, then that process should be relatively automatic.
Liability or Malpractice Insurance
Then there is the matter of liability or malpractice insurance. Especially if you run a business where there is a sort of medical care involved, buying into malpractice insurance is a requirement. If anything goes wrong, whether it’s your fault or as a matter of accident, your business is going to be liable for any bodily harm caused one of your clients. Even as an improbable event, one single case of malpractice can bankrupt your company without insurance.
Financial insurance for your business comes in a few different forms. It might be that you have a credit card with fraud insurance behind it. Or maybe you purchased insurance that protects you from identity theft. The point with financial coverage is that money in itself is a targeted aspect of your business, and thereby needs to be protected by insurance, which ironically or otherwise, is paid for by money. The more types of reasonable insurance that you purchase for your business, the less likely some random accident will bring you down.