Do You Have The Business Insurance You Need?

1. Pamphile Insurance Brokerage, LLC

2. Do You Have The Business Insurance You Need? • If you’re running a business, the last thing you want to worry about is whether or not you have enough insurance to pay your employees if they’re injured on the job, cover the cost of your stock and equipment if it’s damaged in a fire or even protect yourself from an accidental liability lawsuit from one of your customers. Without adequate business insurance, however, that’s precisely what you have to worry about every day.

3. Business Liability Insurance • If you’re starting a business, you may not know how to set up your insurance or where to start. Liability insurance helps protect you against potential lawsuits that could harm your finances or professional reputation. Be sure to get enough liability coverage so that if there’s a lawsuit because of an accident caused by your company—even one unrelated to your business—you’ll have sufficient insurance protection in place to cover whatever costs are thrown at you. • Also, be sure that whatever coverage you have has an appropriate amount of liability limits; while having too much liability is always wrong, having too little could jeopardize your entire financial future. Ensure you have suitable businessinsurance before beginning operations. Don’t risk being held responsible for accidents, injury or theft incurred during regular business activities. Without proper precautions, most small businesses will go out of business within six months after their inception date! It doesn’t matter whether your small business is based online or through physical office space. • At some point, somebody will be hurt on your property, somebody’s stuff will disappear from under their eyes, and somebody might accidentally slip and fall on something they shouldn’t have walked on or tripped over. With all these foreseeable problems with potential pitfalls associated with them, it pays to invest time and money into getting yourself organized correctly! Doing so can keep you safe from mishaps arising from negligence with your brand new venture.

4. Workplace Injury Coverage • If you own a physical business, you must have property damage liability coverage. Not only does your business have to worry about damage to its premises, but it also has to think about the damage done by its employees, contractors and customers. If someone gets hurt on your property or damaged, you could be liable for damages even if it wasn’t your fault. Businesses are often subject to lawsuits no matter how careful they are because people are always looking to make money off of others mistakes. • Having property damage liability coverage ensures that if anyone files a lawsuit against your company for any reason, you’ll be able to cover their costs out of pocket, so you don’t have to go through massive amounts of trouble with litigation. This coverage can help prevent huge cash flow problems within your business by enabling you to pay claims without disrupting income. Other types of businessinsurance are necessary, including product liability insurance which protects you from being sued if someone misuses one of your products and causes harm to themselves or others. • Business owners should also keep public liability insurance if someone gets injured at an event hosted by your business or because an employee causes harm outside of work hours. Another type of insurance, workers compensation, exists to protect both employers and employees if there’s an accident at work or an employee becomes ill due to exposure at work—this prevents them from having to file a personal injury claim against you instead.

5. Property Damage Liability Coverage • In a perfect world, your business premises would never be damaged by fire or water leaks. In an ideal world, you wouldn’t have to deal with costly lawsuits from customers who trip and fall in your storefront or from those who are injured on company property. But as we all know, businesses aren’t built in a perfect world. And that’s why you need property damage liability coverage to protect your business against lawsuits filed by those who slip and fall or otherwise suffer an injury at your place of business. So whether you own or rent your business premises, it’s essential to make sure your building is covered for any accidental damage done by people inside. • Otherwise, someone can walk into your shop and knock over displays that cause the glass to shatter everywhere—and cost thousands of dollars worth of damages. Are you responsible for paying out-of-pocket for damages if they occur due to no fault of yours? Not necessarily. Most business owners don’t realize that their landlord is responsible for repairing most building damages—if they can show it was caused by normal wear and tear rather than willful neglect on their part.

6. Business Income Coverage • A reliable business income policy will protect your company’s revenue stream if you get sued or have to close down due to unforeseen circumstances. Say, for example, you’re in a situation where an employee is injured on the job and needs round-the-clock care. That care may cost thousands of dollars per day. And, if determined that your business was negligent for not having proper safety precautions in place, you’ll be liable for paying out of pocket until you’ve paid off what your worker’s comp insurance won’t cover. However, if you have a business income policy, you can tap into additional funds so that both your employee and yourself are protected. Get started with a free quote here!

8. Why Business Insurance Needs for Your Business • Just like your family needs homeowners insurance, you need business insurance to protect your company’s assets. If you own a small, home-based business, you’ll need basic liability coverage—mainly if there are additional people who may use your property (like clients or contractors). • If anything were to happen on your property—whether it’s damaged due to an act of nature or theft or vandalism caused by an employee or customer—business insurance can cover costs related to repairing damages and medical expenses of anyone injured. Some types of business ownership may also require additional coverage, so it’s essential to discuss with an agent what different options are available. A specialized agent can help you choose specific policies that fit your industry and budget.

9. Contact Us: • Address: 70 East Sunrise Highway Suite 500 Valley Stream, New York 11581 • Email: wpamph@gmail.com • Phone: (516) 323-8558 • Website: https://wpinsurances.com • Blog: https://wpinsurances.com/do-you-have-the-business-insurance-you-need/