As a business owner, it falls to you to protect your business and everything connected to it. One of the most effective ways to do that is with a well-designed business insurance policy. If you do not currently have coverage, below are some of the reasons business insurance is so important.
4 Reasons You Need Business Insurance
1. Protect Your Building
Your business premises are at risk of fire, storm damage, vandalism, and other unfortunate events. To guard against that, property coverage protects the structure — walls, roof, foundation, mechanical components, plumbing, and electrical systems — and pays for repairs or replacement if disaster strikes.
2. Safeguard Other Business Assets
Property insurance also covers the contents of your building, including furniture, electronics, appliances, inventory, and other property used in running the business. Note that you nearly always have to purchase separate coverage for floods and earthquakes.
3. Guard Against Liability
If a visitor should slip and fall on the premises or an employee should accidentally damage someone's property, you could have a lawsuit on your hands. Liability coverage pays for medical treatments and repairs to the property, as well as the cost to defend a court action — including lawyer fees and judgment or settlement costs.
4. Take Care of Your Employees
Workers compensation insurance pays for medical treatments if an employee should suffer a workplace accident or injury. In Illinois, all employers must purchase workers compensation coverage if they have one or more full- or part-time workers. You can have coverage extend to yourself, as well. To take advantage of the free medical care, employees must waive their right to seek other damages.
To discuss your business insurance options with an experienced, helpful agent, contact Taake Insurance Agency in Columbia, IL. They are family-owned and -operated and have served clients in and around Monroe County since 1977. In addition to business and commercial insurance, they also carry auto, home, farm, health, and life insurance. Visit their website to view location details or call (618) 281-7656 to request an insurance quote.