Business Renters Insurance - A Guide for Business Owners
When you are setting up a business
you will be very tempted to spend the least amount of money you
have to on business renters insurance. You are a business person
after all, and you want to cut costs in any area you can. The
minimum amount of insurance you should have by law is liability
insurance. This is the kind of business insurance that will protect
you from injury lawsuits from people who get hurt on your business’ premises.
So you get the minimum amount of insurance
for your business that is required by law – liability insurance – and
the next day you probably forget all about business renters insurance
all together. You get your business set up, bring in your equipment
and supplies, hang up a sign outside, open up the doors, and start
doing business. Once this happens you could be so caught up in
the daily workings of your business that you completely forget
all about your business renters insurance. It becomes just something
you have to pay and no longer give it a second thought.
There are thousands, probably millions, of business owners out
there that do the same thing until they find themselves and their
business in a worst case scenario where more business renters insurance
would have saved them a lot of time, frustration and money. You
could experience theft, bad products, faulty inventory, accidents,
attacks on your business, and more. If you are not covered by proper
business renters insurance these problems and other problems could
drive your business into the ground financially.
There are three basic business renters insurances available: liability
insurance, property and buildings insurance, and business assets
and equipment insurance.
You are required by law to carry liability insurance for your
employees so that you are not stuck with the bills in the case
of an employee injury, illness, disease, or even death.
When you purchase business renters insurance you need to look
at all aspects of your business. Could your consumer sue you for
something? What could your employees sue you for? Ask yourself
all of these questions and answer honestly. You need to know so
that you buy the appropriate insurance protection for you and your
business. If you own a business where a fire could easily break
out, get fire insurance protection. If you are doing business in
a flood area get flood protection on your business in case you
experience a flood while you are doing business there.
You could have a wonderful business that brings products and services
that are needed and appreciated by the community, but that does
not mean you should overlook what types of business renters insurance
are best for you and your business. You need to get yourself covered.
If you run a small business where you rely on a few employees
to keep your business running smoothly you should think about getting
Key Man insurance so that you can get money if you lose an essential
employee while you are looking for a replacement.
There are many options for business renters insurance out there
and you need to protect your business the best way you can so you
can continue being successful!