What is Business Insurance?

Business insurance encompasses all the different types of coverage available to protect business owners from losses.  Fires and other disasters happen whether you’re ready for them or not.  Car accidents can occur and people can fall, get sick, and even die.  Your business, regardless if it is a one-person operation or a multimillion-dollar corporation, needs to be able to protect itself if these problems were to arise.

Business insurance can be used to cover your property and business vehicles if theft or damage were to occur.  It also can insure against legal claims against your business, such as liability or workers’ compensation.  Business insurance also provides health insurance for your employees, among a long list of other things.

Even if you don’t think your business has enough assets to be sued or if you believe you’re shielded from personal liability through the corporate veil, you still need business insurance.  Lawsuits can happen to anyone or any business; judgments can be collected through wage garnishments and bank account seizures.  The smaller your business is, the more likely that you can be held personally liable for debts through your personal assets.

Your business needs business insurance because of the many risks and potential threats to its successful and continued operation.  There are many types of business insurance available.  Whatever coverage you choose, tailored business insurance policies can help protect you and your business from future legal danger.