Insurance for Businesses Part 2 – “Nuts & Bolts” Policies

In addition to liability insurance, your business needs insurance for the “nuts and bolts” – literally. You’ll want to make sure your business is fully insured for all of its property. This includes the building your business operates out of. In addition to insuring the structure of the building, you’ll want to insure the contents of the building(s) in which your business operates. This would include any furniture, supplies, inventory, computers, programs, etc. Imagine if there was a fire and everything was damaged or, worse yet, destroyed? You’d want to have made sure that everything was insured in advance of any such loss. Otherwise, it would be difficult to replace everything all at once and could even possibly put your company out of business. Therefore, make sure to accurately inventory all property owned or in the possession of your company in order to make sure your business is adequately insured.

Although not necessarily tangible like the “nuts and bolts” of your company, another important insurance to consider is whether your business needs business interruption insurance (also sometimes called “business income coverage”). In the event of a total loss as discussed above, you might need to replace all of the contents of your business. This could take a while. In the meantime, how do you run your business? For this reason, you may want to consider purchasing business interruption insurance, which covers your business’ net income that it would have earned and continuing normal operating expenses, including payroll. Business interruption coverage will help you keep your business operating after a loss until the damage is rectified and the necessary property is replaced. Hopefully your business will be back up and running in no time, but it is comforting to know that if it’s not, you’ll be covered.

When searching for business insurance quotes, don’t forget to insure the bricks and mortar. You’ll want to make sure that all physical property, from the building itself down to the paperclips, is insured. You’ll also want to consider purchasing business interruption insurance, so that if you ever do have to replace your business’ property, you’ll still be in business when you’re done.


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