You are a Santa Clara business owner. It’s a great feeling, isn’t it? Whether you started your business during this past year or have been running it for 20 years or more, the future continues to be ripe with possibilities. You just want to make sure that you can continue to get to the future in the event of an unforeseen circumstance or accident that could potentially threaten your entire business operation.
Far too many business owners throughout Santa Clara have minimal business insurance coverage. That is if they have any coverage at all.
You Never Know What Tomorrow Can Bring
Every day brings new possibilities for every single business owner throughout Santa Clara and the rest of the world. While there are many things that you can do to increase the amount of business that you have and receive every day, there are a number of circumstances that go far beyond your own control.
For example, weather events can be significant forces against business operations. Heavy rains and flooding can cause some businesses to shut down. Earthquakes in the Santa Clara area are a major concern as well.
There are also a number of other issues that you have to contend with as a business owner in the area. If you have a retail store or any other type of business where you invite potential customers to come into your office or your store, you are exposing your business to liability. As a result, you want to make sure that you have the proper level of coverage to protect against any potential claims of an injury, malpractice, or other situation.
No one can truly predict the future. While you can keep your eye on the local weather forecasts, the general economy, and even aspects that could influence your decisions about which products and services to offer in the future, there are always going to be things that put your business at risk.
What Happens if You Don’t Have Proper Coverage?
If you don’t have the proper level of business insurance coverage, your entire business operation can be exposed. Not only that, you could also be exposing your personal assets as well. As the business owner, unless you are incorporated and separate your personal assets from your business assets, your home, car, personal savings, and other possessions could potentially be exposed in the event of a lawsuit filed against your company.
Let’s consider a certain situation: a customer comes to your store and is shopping through the aisles. This individual is looking at various products that they are considering purchasing. They pick something off-the-shelf and, unbeknownst to you, there was a problem installing the shelving units. You might not have installed the shelves (you might have purchased them from a company that came and installed them for you) but now that shelf collapses and causes a significant injury to the customer while in your store.
After the police and ambulance come and take the customer to the hospital, you know that there is going to be a lawsuit filed against you. You anticipate the worst, but what you don’t anticipate is that when the lawsuit is filed it is for a significant sum of money in punitive damages. Your business assets don’t even come close to covering it and while you hire a lawyer to fight it, you still might not realize that even though you may be found guilty and liable for the damages, your personal assets are still not protected or safe.
In your mind, as in the mind of many business owners, if a situation like that arose and you lost a lawsuit like that, you could just declare bankruptcy and close up your business and move onto the next challenge in your life. It’s not that simple in most cases. Your personal assets could be seized in an effort to help pay the settlement.
That is why it is so critical to have proper business insurance coverage for your Santa Clara company.
Your Effort and Time Deserve Protection
You have put in a great deal of time and effort into building your business operation. You also have dedicated a significant portion of your life to making it a success. That is why it deserves the proper level of protection.
What constitutes the proper level of protection?
There are several different types of insurance that you could consider for your business. Depending on the type of business that you operate, you may not have to consider all of them, but you should consider having the proper level of coverage that will protect you and your business in the best way possible.
General liability essentially protects the considerable portion of your operations, including property damage as well as potential bodily injury caused to customers, clients, and even employees. General business insurance could also protect certain aspects of the property as well as business interruption costs. If your business has to shut down for any period of time, this can be devastating to the average small to midsize business.
Having commercial property insurance can help protect in the event of a fire that damages or destroys the building, water pipes that breaks, storm damage, an outdoor sign that is broken, furniture and equipment that you have inside your operations, the inventory, landscaping, and even other individual’s property.
Vehicle coverage is essential if you have any type of business that relies on vehicles. Even if you send an employee out to deliver a product to a customer that has been with you for years, and it is not something that you do on a regular basis, the moment that employee sits behind the wheel of your car, it exposes your business in the event of an accident.
Worker’s compensation coverage is essential to help protect your business in the event that an employee’s injured on the job. Finally, errors and omissions insurance coverage protects you if you happen to give any type of advice, recommendations, or develop solutions in the effort to assist others.
In order to determine what type of business insurance is ideal for your Santa Clara company, contact Agosta Insurance today.