Even though most small business owners consider their business their main source of income, only about one in ten understand what it takes to fully protect their livelihood with the proper business insurance.
If a disaster occurred tomorrow, are you confident that you could get your business operational in time to financially survive? The first place to start is to protect your assets.
Check to ensure your coverage protects assets including:
- Fire and other damage- covers your building, business contents, and inventory for specified events including fire, storm, explosion and earthquake.
- Accidental damage- covers accidental loss or damage to your business’s property.
- Burglary- covers theft of your inventory or equipment following forced entry at your business premises.
- Glass- covers the replacement costs of broken glass or signage at your premises.
- Equipment failure- covers the cost of repairing or replacing mechanical or electrical equipment after accidental failure which results in damage.
- Goods in transit- covers goods in transit for loss or damage caused by collision, fire, derailment or theft.
But there is more to business insurance than protecting physical assets. Public liability claims can run into the millions and it is important to consider what would happen to your income if your business was suddenly out of action following a claim.
Other coverage necessary to protect your business includes:
- Business Interruption- helps ensure your businesses can survive periods of trading disruption by covering the loss of profits caused by an interruption to the business following an insured event.
- Public and Products Liability- covers legal liability to third parties for personal injury or damage to property caused by an occurrence connected with your business.
- Fraud- covers loss of money or goods as a result of an act of fraud or dishonesty committed by an employee.
- Security Breach – covers loss or liability for a data breach including your personal data and that of your clients or customers.
- Cash- covers loss of money kept in your building, in transit or at your residence.
A common mistake made by business owners is renewing their policies without accounting for growth or enhancements in their business. Research says that only 63 per cent of small to medium businesses believe they have adequate insurance.
NEC is one of the largest independent insurance brokers in Missouri offering business and personal insurance, risk prevention, and financial services. Contact us today for more information at 636.271.2481 or visit NECins.com.