Insurance is vitally important for the protection of your family and property in the event of an unforeseen disaster. However, business insurance is just as important because if you don’t have it, your personal finances could be in jeopardy. Business insurance in Atlanta GA may be instrumental in protecting your business from potential loss that is caused by theft, property damage and liability.
Different Types of Business Insurance
The type of business insurance you need depends on the type of business you have. If the public visits your premises, liability insurance will be beneficial. If your employees go into private homes, they need to be covered if they damage anything during the performance of their duty. For example, if a plumber is fixing a leak in a pipe and the pipe splits and sprays water all over the wall-to-wall carpet, you’ll need to have insurance to pay for new carpet.
Commercial liability insurance will cover claims against you that are made by a third party. You are legally liable if someone slips and falls in your store because the cleaner didn’t leave a warning about a recently mopped area.
If you have employees, you may need fidelity insurance. This covers you against dishonest employees. It will cover you against unauthorized activities of employees as well as asset protection, external fraud and technology risks. Another term for this type of insurance is bonding.
Business Interruption Insurance
This type of insurance covers you for damage or loss that happens if you are forced to cease operations. If you can show that the interruption caused income loss for a specific period of time, the insurance company will compensate you for any income you may have received during the time your business was closed. The insurance can be used to restore your business to its pre-closure condition.
The Cost of Business Insurance
The cost of the premiums for business insurance depends on how much of a risk your business is to the insurance company. If you have significant previous losses, you may be considered a high risk. Business insurance may come in packages, so it is best to determine what type of coverage you need and only buy that much. If you don’t have a fleet of vehicles, you don’t need commercial vehicle insurance.
Business insurance will protect your business against many different types of disasters. Without it, you may find that you have to pay compensation to employees or others out of your own pocket.
