As a small business owner, part of your job is to manage the risk your company faces. One of the best ways to do this is with business insurance. Carriers offer a wide selection of different types of coverage to help you guard against numerous risks. Below are some of the key reasons you need to protect your business with a custom-designed insurance policy.
4 Reasons Your Company Needs Business Insurance
1. To Protect Your Business Premises
If you own the building that houses your business, commercial property insurance is a must. This guards the structure of the property against losses caused by fire, storms, falling objects, vandalism, and other hazards. Note that it does not normally include flood insurance, so if you are in a floodplain, be aware you'll need to buy that as an addition to the policy.
2. To Protect Your Financial Future
Liability coverage protects you if you accidentally injure someone or damage their property. It pays their medical costs and repairs or replaces their belongings. It also pays for legal fees that arise from the incident, including lawyer fees, court costs, and judgment amounts.
3. To Protect Your Equipment
You also need property insurance to protect the contents of the building. You likely have a considerable amount invested in furniture, electronics, equipment, and inventory. Business insurance lets you protect these items against loss.
4. To Protect Your Employees
Workers compensation insurance pays for medical treatments in case an employee suffers a workplace injury or illness. It also covers any lost wages due to an inability to work. In Montana, any business with one or more employees must carry workers compensation insurance. Note that owner-operators are not considered employees for these purposes, although they can purchase coverage for themselves if they so choose.
To discuss your business insurance options with a friendly, experienced agent, contact Grachek Insurance in Kalispell, MT. They have helped businesses and individuals throughout Flathead County design effective, customized policies since 1986. They also specialize in auto, motorcycle, boat, home, and renters insurance. Visit their website to request a quote. Call them at (406) 755-4000 to speak to a representative.