As a small business owner, one of your first priorities is to protect the financial interests of your company against unexpected misfortunes. An effective way to do this is to purchase business insurance. Unfortunately, many entrepreneurs are so busy—or lack proper funds—that they neglect to seek this essential coverage. Below is an introduction to business insurance and why you need it.

What Is Business Insurance?

Business insurance pays out a benefit if misfortune occurs that costs your company money. It’s not a single, monolithic product. Rather, it’s comprised of dozens of different coverage types to cover property, liability, injuries to employees, and even loss of income. You can pick and choose the ones you need and customize a policy to provide the unique protection that your business needs. 

Why Do You Need Business Insurance?

Many events might occur that could damage the company financially or even leave it bankrupt. Business insurance pays out when such events occur so that you can afford to continue operations.

For instance, premises coverage pays out if your business facility sustains structural damage due to storms, fire, falling objects, or vandalism. It covers the roof, siding, floors, walls, and other components of the building. Business property coverage pays for losses to equipment, furniture, electronics, and even inventory. Liability coverage pays for repairs, medical, and legal costs if you or an employee accidentally injure someone or damage their property. Whatever hazards your business or industry presents, you can likely find business insurance to cover potential losses.

How Do You Get Business Insurance?

You can purchase coverage through an experienced business insurance agency. Call or visit an agent and explain your business, its potential pitfalls, and the risks that worry you. A reliable agent will help you customize a policy to your company’s individual circumstances.

For expert assistance designing a business insurance policy that suits your needs, contact the Dunlap Agency in Fairbanks, AK. They are an independent broker that has served businesses and individuals throughout the region since 1986. They also specialize in auto, ATV, homeowners, and renters insurance. Call (907) 456-5202 to work with an agent or visit their website to browse their business insurance services.