WHY DOES MY BUSINESS NEED INSURANCE COVERAGE?

Again, insurance is risk transference. A third party (the insurance company) guarantees payment should anything covered in your policies go wrong.

No business should be without insurance coverage. That includes mom ‘n pop or neighborhood businesses, single owner businesses that outsource projects and larger corporations.

In many cases, the law requires that you have insurance protection for your business. Otherwise, it’s in your best interest to transfer risk of loss or damage from yourself to a third party – the insurance company.

Insurance types a business should consider are:

• Loss of income insurance
• Loss of rents from tenants you may have
• Damage to your office building (if you own one)
• Damage tenants may cause to your building
• Extended loss of rents
• Clients suing you for injury, property damage
• Personal injury and advertising liability
• Contractual liability
• Accidents to staff, clients or vendors
• Computer systems or software breakdowns; losses incurred as a result
• Food contamination
• Workers Compensation
• Insurance protection for any glass walls or frontage
• Insurance protection for signage (defacing, breaking)
• Liability for leased or non-owned automobiles