Insurance is designed to protect businesses as well as individuals from a variety of situations. Most people are familiar with personal types of insurance, such as homeowner’s and auto insurance. However, for any business that operates in Cupertino, having proper business insurance is essential.
There are a wide range of reasons why having this insurance is important, and we will highlight three of those reasons in this article.
There are several different types of business insurance that you can consider, depending on your operations and your needs. You may require general liability that can protect your business against unforeseen circumstances that cause you to lose revenue. General liability insurance can also protect you from contracts that you may have assumed or taken on that don’t work out as you planned.
General business insurance can include property coverage, liability, and even interruption coverage. Farmer’s insurance is often considered important for anybody whose primary income is derived from work on a farm.
Liability coverage essentially will protect you and your business in the event that damage or harm is caused to another individual either by your products, services, or even your employees. Business interruption insurance will help you pay bills in the event that something forces your business to have to close, even for a short period of time.
Commercial property coverage can protect the building in which you operate as well as all of the products inside. This would include products that you sell as well as computers and anything else you use to operate your business. Even a storm that causes damage to a sign out front could be covered by commercial property insurance.
What about vehicles? If you have vehicles with your business, then you need to make sure that not only are all vehicles covered properly, but that every employee who might operate them are also protected when they are behind the wheel. This is vehicle coverage.
Worker’s compensation ensures that you are protected in the event that employee is injured while on the job. If an employee is hurt working for you, worker’s compensation will help cover their payroll or a percentage of what they had been earning while they recover from their injuries.
Finally, errors and omissions insurance is coverage that will protect you in the event that you or one of your employees provides advice to a potential client or customer and that advice was not correct and led to them being harmed physically, financially, or emotionally.
Now that we have covered the basic types of commercial insurance that you could get for your Cupertino business, let’s talk about the main reasons why this type of insurance is essential for you.
1. You’ve made a major investment in your business.
Every business owner understands the investment that they make. It is not just an investment of money, but also of time and effort. While your employees may not understand what has truly gone into building this business from the ground up, you have likely years of experience, planning, dreaming, and effort that went into putting this all together.
As a major investment, you want to make sure that it is protected against as many potential problems that could occur in the future. No matter what type of business you operate in Cupertino, you need to ensure that accidents, unforeseen circumstances, or even sabotage will be guarded against with the proper level of business insurance.
2. Accidents do happen.
No matter how careful you are, there are always going to be things that occur beyond your control. You can only control employees to a certain degree.
Providing adequate training, and even exceptional training to every single employee that you hire, is going to reduce or minimize the risk of accidents occurring. However, they are going to happen, whether you accept that fact or not.
An accident could occur within your business or as a result of a product that you sell. For example, you may sell children’s apparel and you could focus on purchasing from only companies that produce the safest products on the market. That does not guarantee that there will never be a mishap that causes injury to a child.
While the manufacturer will certainly hold liability for the product, you may also be considered liable for having sold it.
Also, you could be minding your own business one afternoon in a car could careen through the parking lot and crash into the front door of your business. If you don’t have the proper business insurance, then you may have to go through a long, drawn-out court battle just to get compensated for the repairs. Most businesses operate on a very thin profit margin and the business owners don’t have the kind of money to put out for repairs or to protect against accident damage.
Protect yourself with the proper level of insurance.
3. Your family depends on it.
The vast majority of small to midsize businesses operating throughout Cupertino are not incorporated. As a result, your personal assets, including your house, could be subject to seizure in the event that you are found liable for damage or harm caused to somebody, whether it is a customer or an employee.
Your family depends on your business and they also rely on the fact that you are going to protect your personal assets from your business assets. If you don’t have the proper level of commercial insurance coverage, then you could be personally liable and exposed in the event that there is a claim filed against your business.
If you want to truly understand whether you have adequate business insurance coverage right now or what is available for you and your Cupertino is this, contact Agosta Insurance today.