Houston Business Insurance

Why Is Business Insurance Important?

Even if you have a successful business, disaster could strike at any moment and force you to shut your doors. Companies typically carry insurance to mitigate the risk of unforeseen damage. Although it might seem tempting to cut costs by forgoing insurance, business experts like the Small Business Administration (SBA) highly recommend maintaining a business insurance policy. 

• Considerations

You need business insurance to cover acts of God and general liability, such as malpractice. A patient, for example, might sue a doctor's practice if the nurse accidentally gives him the wrong medication. If you have a business in a flood zone, a flood could destroy your business property and allow competition to move into your market while you rebuild.

• Legal Requirement

States often require certain types of business insurance. If you have employees you must purchase worker's compensation coverage through the state or a commercial provider, according to the SBA. Six states require businesses to carry disability insurance, but companies in states that do not require insurance commonly offer it as a benefit.

• Benefits

While property insurance covers the damage to any business, even if you run a home business, it does not reimburse you for lost profits. Business interruption insurance pays you for lost sales until you get your business up and running again after a disaster. If you become disabled or too ill to run your company, disability insurance provides a percentage of your income. Additional insurance for overhead provides for expenses, such as supplies and inventory, needed to run your business while you are disabled.

• Expert Insight

You should not rely on liability waivers to protect yourself in case of malpractice or accidents because they usually never cover you completely. In some states, you cannot use waivers at all to protect a business from liability.

• Tip

Try to purchase all of your business insurance from a single company. Business owner's policies cover the most common types of insurance needed by a business. When starting a business do a risk-management audit to identify potential liabilities and what an accident might cost. Do this risk management analysis every year. Always select with a licensed agent familiar with the risks associated with your type of company.

Source: smallbusiness

Houston Business Insurance

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