Your business, no matter how small, represents a significant investment of time, energy, and your own personal wealth. Unfortunately, a single major storm or another disaster can destroy everything you’ve built in a matter of minutes, which is why comprehensive business insurance coverage is so important. Below are a few essential protections every company should have in place.

3 Types of Insurance Every Business Needs

1. Property Protection

Almost every business has a structure that is vulnerable to extreme weather, accidents, vandalism, or theft. If your building is damaged in a fire or tornado, your business insurance will cover the cost of repairs and compensate you for lost inventory, materials, and important equipment. Even home-based businesses need property coverage since the standard homeowner’s insurance policy won’t pay for items used in a commercial enterprise.

2. Liability Coverage

As a business owner, you can be held financially responsible if one of your employees causes an accident, a client slips and falls on your property, or a defective product injures a customer. Fortunately, the liability coverage included with your business insurance will cover the cost of any valid claims as well as the legal costs associated with your defense.

3. Income Replacement

If your business location was seriously damaged, could you afford to close your doors while repairs are underway? Approximately half of all small businesses never reopen after a disaster even if their insurance covered the cost of repairs. Income replacement will make up for your lost revenue so you can keep paying employees, invoices, and other expenses until you can reopen.

Choosing the right business insurance policy can be intimidating, but the agents at MP Davis Insurance Agency are ready to simplify the process. They’ve been working with business owners throughout North Carolina’s Piedmont Triad area for over 43 years, providing a level of service that sets this agency apart from the rest. Visit their website for an overview of their products or call (336) 498-7606 to request a free quote and make an appointment.