BY CYNTHIA MGBEOKWERE
As a business owner, you can?t personally control or eliminate every potential risk that threatens your livelihood. Business insurance can provide the protection against the risks of your business.
Unfortunately, insuring your business is not as simple as insuring your car. Because your business is unique, you?ll need to design a package of insurance that meets your business needs and provides the level of protection you are comfortable with. Your first decision is to decide which types of insurance your business needs.
What is business insurance?
Business Insurance, according to experts, is an extensive name for different coverage available to the business owner to protect against losses and to insure the long-lasting operation of the business.
Business insurance, they say, spreads and manages the risk among many business owners. Insurance companies take in premium payments from several covered businesses, invest those payments, and create a pool of money to pay out to a covered business if that business has a covered loss.
When you talk about business Insurance, many individual,organizations and business owner are reluctant about it. Majority of these business owners view insurance as unnecessary expenses. Business insurance is very important to a business owner. Therefore to protect a business from risks one needs an insurance cover.
According to the experts, the two reasons why every business needs insurance cover are:
1. Company Liability and Disaster:
As many organization and business owners regard business insurance as additional expense yet, is very important. When planing for the company?s monthly and annual budget, you have to budget for business insurance, as you don?t know the kind of problem or catastrophe that might strike your business or the natural disaster that will strike your business location which may lead to the collapse of your business. But with the help business insurance, you are assured that no matter what sort of calamity that be falls your business, you are covered with insurance.
Some of this natural disaster are: earthquake, hurricane. Sometime the business may close up due to the expensive loss, so no matter the size of your business make sure you get business interruption insurance. In some situation the company is held liable for any accident that happen in your place of business, it may be that a customer slips and fall inside your store/office, which might bring trouble to the business especially when the case moves to court, so it will be cool if you get business liability insurance to cover such accident.
2.Litigation and Thieves:
With no doubt companies and business are mainly target of thieves as some of the business equipment can be stolen and resold, so getting replacement insurance for your business it the best idea. In some business that are undergoing their equipment upgrades and may be building renovation are always a target of criminals and ill minded individuals but with the help of insurance, (replacement insurance) you will be remunerated for any loss as a result of theft.
And in some situation were your business is undergoing litigation problem which will give the owner the courage and peace of mind that his business is protected by business liability insurance, professional liability insurance and malpractice insurance. As a business owner you should be prepared as you will not know when someone will sue you. and in situation where you lose you may be ask to pay more than your business capacity. So the best tips to getting ready is to be insured with good and quality insurance company and always work with a good insurance broker
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Source: http://www.vanguardngr.com/2013/04/is-your-business-protected-by-insurance/
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