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Few experiences are more exciting than launching a new company, but with all the rewards come many risks. Whether you’ve just launched your company or have been in business for a while, nothing is more important than making sure you’ve purchased the right business insurance. This will help protect your hard work and investment in the event of a significant financial loss. However, since there’s no one-size-fits-all policy, it can be difficult to know what kind of coverage you need. Here are a few considerations to keep in mind when exploring your options to avoid leaving any areas vulnerable. 

4 Insurance Considerations for Small Business Owners

1. Risk of Lawsuit 

This is a litigious society, and any company has the potential to get sued. General liability coverage offers protection against third party injuries that occur at your place of business or property damages incidentally caused by you or an employee. You may also need product and professional liability if you make products available to consumers or if you’re in an industry that provides sensitive advice to the public. These will both cover you for lawsuits claiming negligence. 

2. Employees 

business insuranceIn most states, employers are legally required to carry workers’ compensation insurance. Montana is no exception. It offers benefits to employees who have been injured on the job, helping them cover medical expenses and lost wages.

3. Property Damage 

When you operate out of a physical location, property insurance is a must. This will help pay to repair or replace the building if it’s damaged due to fire, inclement weather, or vandalism. It also covers any contents you own inside the structure that are necessary for your business to function, including furniture, equipment, and inventory. These items are protected from instances of theft as well.

4. Business Downtime

Another important business insurance consideration is possible downtime due to a disaster. If something happens to your building and equipment, you may be unable to continue operations for a long period. This can result in substantial profit loss. Business interruption insurance is designed to replace part of your income so you can still pay your employees and bills.

 

 

If you’re looking for reliable business insurance to safeguard your venture, turn to The Insurance Exchange in Kalispell, MT. They understand that your coverage needs are unique from any other company and will work with you to customize a plan that provides suitable protection. For more than 20 years, they’ve offered residents throughout the Flathead Valley high-quality products at competitive rates. Call (406) 756-2500 to request a quote, or visit them online to learn more about their services.

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