It is a simple fact that the majority of Sunnyvale business owners do not have proper business insurance protecting them or their investment. No matter what type of business you own, you should always have a proper level of insurance that will not only protect your business operations, but also against unforeseen circumstances and situations that cause you to have to shut down for any period of time.
You also should consider ideal business insurance coverage to help protect your personal assets as well.
The vast majority of small to mid-size businesses operating throughout Sunnyvale are either “doing business as” or independent operations that are not incorporated. As a result, the business owner’s personal assets are exposed in the event of a liability claim against the business. In other words, if the customer is injured in your store or by your products, your business could be sued. If there are not enough assets to cover the potential lawsuit, settlement, or ruling against it, then your personal assets can very likely be seized to help pay for the verdict or judgment against it.
What Type of Risk Exists for Your Sunnyvale Business?
Every single business throughout Sunnyvale is exposed to certain risks. If you run a farm, then you are at risk based on the products that you produce. If someone gets sick after eating one of the products that your farm produces, then you could be held liable for the damage that it causes.
If the weather does not cooperate one year and your crop does not come in properly, then you are going to struggle to pay your bills. Not having insurance is essentially asking for trouble.
So what if you’re not operating a farm or similar type of business? There are still plenty of risks involved in operating a business in Sunnyvale. A business survives based on having customers or clients. Any time that you acquire a customer, you are exposing your business to risk. It doesn’t matter how skilled you are at something or how safe you are when working on a project, accidents can happen. There could be situations that arise that you don’t anticipate and that can cause a situation. Even if you don’t believe that you are personally liable for the issue that arose, the law may see things otherwise.
If a customer comes to your business operation and injures himself or herself walking through the door because the door closed a bit too quickly for them, that exposes your business to some level of liability.
If you advertise your company as being open to all and don’t follow proper codes and accommodate handicap accessibility for someone, you could be sued as a result.
If power is lost and you can’t operate your business for a day, two days, or even a week, then you will be losing potentially a lot of money during the time that operation shutdown. Having proper business insurance can help protect against these potential risks.
Being Proactive Leads to Success
As a business owner, you should already know that being proactive is the best way to operate. When you are proactive, you are actively seeking out things to help your business thrive and succeed.
When you don’t carry any business insurance, or you don’t have the proper level of coverage, you are essentially setting yourself up to be reactive in the event of an accident or serious situation that results in a lawsuit or claim filed against you.
Having proper business insurance for your Sunnyvale company means that you are being proactive. You are anticipating that there will never be an issue, but you are protecting yourself against a future that cannot be predicted.
You can consider a wide range of insurance options, including general liability, basic business insurance, vehicle coverage, commercial property insurance, workers compensation, and errors in omissions insurance. Each of these will provide a certain service to any business throughout Sunnyvale.
Depending on whether or not you have a vehicle that you use for your business, then you may want to consider vehicle coverage. Yes, you may have basic auto insurance coverage at the moment, but if it doesn’t include protecting the assets of your business, then it could expose your business to lawsuits in the future as a result of an accident, whether you or an employee caused it or not.
Commercial property insurance will help to protect all aspects of your business property. That would include the building, any signs that you may have out on the property, landscaping, furniture and office equipment inside, and other aspects.
If you provide services like consultation to clients, you have to make sure that you don’t forget a single thing. If you omit something when you are advising a client, and if they follow this advice and it costs them money in the future as a result, they could turn around and sue you for that omission.
For example, if you are a financial advisor and omit information about certain regulatory rules that went into effect recently, this could expose your clients to an investigation or fraud charges. As a result, they could turn around and hold you liable for the damages that they incur.
Make sure that you have the proper level of business insurance coverage for your Sunnyvale company.
One issue that many business owners have in today’s economy is that they are operating on razor thin profit margins. Far too many businesses are operating in the red and as a result they look for ways to cut corners and expenses. Business insurance is one of the first things that gets cut.
If you value your business and investment that you have made in it, make sure that you don’t fall for this common trap. If you are concerned about the expense of carrying the ideal business insurance coverage, contact Agosta Insurance and you will be able to find the best rates to protect your business as much as possible.