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Business insurance may seem like an expense you can’t afford, especially for small companies with slim profit margins. However, with the coverage they provide and the unpredictability of disasters, insurance coverage is protection you shouldn’t go without. No matter what industry you’re in, business insurance is a vital investment in the future of your enterprise.

The Importance of Business Insurance

1. Vulnerability to Perils

business insuranceNearly every business possesses important equipment, inventory, and a location that can be heavily damaged or destroyed at any time. Theft, vandalism, fire, and extreme weather events can force your business to close, unless you have sufficient property insurance to pay for repairs.

2. Liability Coverage

Whether a customer is injured on your property or you’re sued by another company for contractual violations, a liability lawsuit can quickly deplete your cash reserves, even if you ultimately win the case. Business insurance policies include liability coverage that will compensate injured parties on your behalf and pay your legal expenses, allowing your business to stay open.

3. Replacement of Lost Income

Even if they have insurance, many businesses lack the funds to continue paying expenses while repairs are underwater. In fact, 40% of businesses who close for repairs after a disaster never reopen. Many commercial insurance policies contain income replacement benefits, so you can continue paying workers and caring for your own expenses until you are ready to continue normal operations.

4. State Requirements

For the protection of the general public, many states require construction companies and businesses in other industries to carry a certain amount of liability insurance. Attorneys, accountants, and other professionals may also need specialized policies to compensate clients for monetary losses caused by mistakes or omissions.

 

No matter what industry you’re in or the size of your business, Consolidated Agency, Inc. in Rochester, NY, will provide you with the coverage you need at the best rates possible. They pride themselves on being an insurance agency you can trust and strive to build a reputation for dependable service. To request your business insurance quote, visit the website or call (585) 467-4110, and follow the Facebook page for tips and safety advice.

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