What is business insurance and why do you need it?

What is business insurance and why do you need it?

Running a business is an admirable endeavor but one laced with risks, trials and tribulations. From injured employees and natural disasters to property destruction and more, there are several things that could stand to jeopardize the company you worked hard to build. In the face of such unknowns, keeping your business protected with the right business insurance is a smart move.

But what exactly is business insurance? In short, business insurance is what keeps companies financial assets as well as their intellectual and physical properties covered in the case of loss, lawsuits, property damage and more. There are a couple different coverage options available for businesses and it’s best to go over them with an insurance specialist from Myers and Hayden Insurance at 260-486-5255 to make sure you’re covered correctly. Regardless of the plan you choose, there are a few inherent benefits you owe it to yourself and your business to know!

Protection in Court

No matter how diligent you are in your practices or how well you treat your employees, all it takes is one bad day to put you under. A simple accident on the job can be enough to seriously jeopardize the health of your business if the issue goes to court. In fact, even winning the case doesn’t pull you out of the waters as the costs for legal defense alone can put you out of business.

Businesses with liability insurance can bypass these issues since they are protected from claims of bodily injury and associated medical costs, up to the limits of your policy.

Protection Against the Unexpected

All the planning and careful considerations in the world can’t prepare you for sudden disasters like tornados, windstorms, fire and more. That said, what happens to the income you normally would have made if your business must close for repairs? Insurance can come to the rescue in the form of protection against loss of income if you have that specific coverage on your policy.

Contracts Require It

You aren’t the only one who has their concerns quelled when properly insured. In fact, a variety of different contracts require that you have insurance. For example, if you plan on taking out a loan to finance buildings, equipment or business operations, the loan agreement will more than likely contain an insurance requirement of some kind. In other cases where you rent or lease your business facility, being insured is a smart idea as your landlord’s policy may not cover it.

Conclusion

Unless you happen to be a rare breed of business owner and clairvoyant, there’s no telling what the future holds for you and your Fort Wayne company. Keeping yourself insured is the only way to guarantee you’re left standing after an event or accident that catches you off guard. Give the Myers & Hayden Insurance business insurance advisors a call to get your Fort Wayne, Indiana business properly covered.