You already know that running a business is hard, but for many it’s a labor of love. That’s why it’s important to protect what you love with the right insurance, and these are the three reasons you should consider a business owners policy.
You Have Inventory or Assets
Whether you manufacture a product or sell a service, the things your business owns need coverage in the event of a loss. Your assets can include things like equipment, raw materials or product inventory, but they also include intangibles like customer data and other digital assets.
You Have a Physical Location
Your office, workshop, warehouse, and any other physical location are vulnerable to natural and other disasters. If you have a place where you conduct your work, a business owners policy can provide coverage for repairs to the structure to get you up and running as soon as possible.
You Are Vulnerable to Lawsuits
Another component of the policy is liability coverage that shields your business from lawsuits. Legal action can arise from many aspects of your business. A slip and fall at a physical location can result in a customer’s injury, but so can a faulty product or a data breach at your company. Liability insurance often provides defense costs as well as indemnification for the injured party.
Building a business is hard work. Protecting your business doesn’t have to be.More