Published On: April 25, 2018

You have a wonderful idea and decide to open your own business. You’ve prepared; you’re aware that you need to register your business, and you know you need a business bank account. You may even already have a small business loan. You’re well on your way!

One thing many small business owners overlook is small business property insurance. Whether you are building your business on your own property or leasing a storefront, there are a few distinct types of insurance you need to consider. Let’s look at the importance of having small business property insurance, and which you should choose.

What Is Small Business Property Insurance?

Because you are a business owner and not an insurance agent, you may not be aware of the many risks and ways your property could be damaged. Fire, electrical surge, embezzlement, burglary, flood, and wind are just a few examples that barely scratch the surface.

Small business insurance protects your money, time, and effort from harms beyond your control. This type of policy will provide critical financial help so that your business can continue to operate even if you suffer a loss.

What Small Business Insurance Covers

Insurers offer a variety of coverage packages targeted to small business property insurance policies. Meet with your insurance agent to discuss what the best coverage would be for your business.

Some policy packages cover fire, flood, tornadoes, and other truly disastrous happenings, while other policy packages are structured to aid the business owner in case of a robbery or electrical failure. It all depends on your specific business which types of coverage you will need.

When Do I Need Coverage?

Suppose your town has a terrible thunderstorm; lightning strikes a tree. This tree then falls on your business. The damaged roof collapses, destroying all your inventory and equipment. You arrive on the scene; all you can think is, “What do I do now?”

If you’ve already bought business property insurance, your first call should be to your agent (after assuring everyone’s safety, of course). If you don’t already have business insurance and are considering this situation before it happens, you now have a great reason to investigate.

Truthfully, all businesses should have coverage, but the type of coverage you need can vary industry to industry. It’s best to seek advice directly from an insurance company rather than trying to select on your own.

What Other Insurance Does a Business Need?

This question is the very reason why you should take the time to speak with a business insurance agent. There are so many aspects of business, even on the small business level, that need very specific niche coverage policies. This includes liability insurance, workers’ compensation protection, unemployment insurance, disability insurance, property insurance, and as many as 100 or more different, unique policy approaches—no wonder people get confused!

Most small businesses begin with a general liability package. This covers standard damage, vandalism, and lawsuits for issues like slippery floors or environmental concerns. Some businesses may need more. An insurance professional can go over your business insurance needs with you and help put together a policy package so that you can operate your business with confidence knowing you’re protected.

Know what insurance you need? Have questions? Either way, we want to talk. Contact Tabak Insurance Agency today. We can get you insured with the policies and coverage you need, fast!

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