You may wonder, “Why do I need business insurance?” It comes down to more than just what you own; your inventory, vehicles, buildings, equipment, etc. Although those items are extremely important to insure and keep track of, there are many other areas that you can be exposed to; the main exposure of course, is liability.
Before we get into the liability section, let’s get into those other areas. Insurance companies design policies that will benefit each business individually. A hair salon, for example, will require insurance on their stock, inventory, building (if they own it), and equipment such as chairs, clippers, etc. However, there are endorsements that insurance companies may wish to include, or can add on, that you may not think of; such as: outdoor sign coverage, accounts receivable, business income coverage, money and securities, data or cyber compromise, equipment breakdown, and many others. These types of coverages “fill the gap” on an insurance policy to make sure you are properly covered in the event of a loss.
Not all business types have these “pre-made” insurance packages available, so it’s important for us to have detailed conversations with you on how your business operates so we can create a policy that will meet your needs. Then if you make any changes or take on other types of business we will be able to amend the policy and make sure we have your business insured accurately. For example, some framing companies, will also take on business for other trades like roofing or concrete. They begin to do these lines of work on top of their framing jobs. That change can make a difference on your insurance policy, whether it is the different equipment and vehicles that you’d be purchasing or the new liability risks that come with roofing and concrete work.
As for liability insurance, it is important for us to have a discussion with you in detail about what your business operations are. How you operate, what type of work you will be doing, how many employees, etc. This information helps us determine what type of risks you will incur and what type of liability coverage will work for you to maximize your coverage. Liability losses can amount to extremely high costs if a major claim occurs, so it is important to make sure your policy is up to date with us.
We are interested in your business and want it to succeed; therefore we need to make sure your insurance needs are well looked after. By having an accurate policy in place, it will give you the peace of mind you need so you can focus on what really matters, your clients. If you have any questions about new or existing business insurance or would like to know more about options that can be added to your existing policy, please contact one of our insurance experts. We would love to connect with you.