One of your responsibilities as a business owner is to make sure your enterprise is properly insured. Unfortunately, too many owners and managers forego the expense of business insurance in hopes of improving their bottom line. Unfortunately, they must often face crippling expenses later that would normally be covered by their insurer. Here are some of the reasons it’s so essential to maintain adequate levels of commercial insurance.

4 Reasons Your Company Needs Business Insurance

1. To Protect Your Building

Premises coverage pays for damages to your building structure due to fire, storm, falling objects, and vandalism. It covers the roof, foundation, walls, floors, and ceilings. Many policies even cover damages to other structures, including sheds and fences.

2. To Protect Your Equipment

Business property insurance covers the contents of your building, including furniture, appliances, manufacturing equipment, and even inventory. It pays for losses due to similarly named perils as above with the addition of theft. Note that neither type of property insurance normally covers damages due to floods or earthquakes. You can, however, buy these separately if you live in affected areas.

3. To Guard Against Liability

Business insurance pays for repairs and medical costs if you or an employee should accidentally injure someone or damage their property. It even pays for legal expenses, including lawyer fees, court costs, and judgment or settlement amounts.

4. To Protect Your Employees

Tennessee requires any employer with five or more workers to maintain workers compensation insurance. This pays for medical treatment if an employee suffers a workplace injury or illness. It also covers loss of income due to missed work.

To design a business insurance policy that meets your needs and fits your budget, contact one of the insurance agents at Southern Insurance in Hixson, TN. They are locally owned and have served clients in and around Hamilton County since 2002. They are an independent agency that represents nearly 70 different respected providers, specializing in business, auto, home, disability, health, and life insurance. Visit their website to learn more about the company, or call (423) 296-0626 to request a business insurance quote.