How Do Businesses Insure Their Goods and Services?
[This article was written by Rachelle Wilber.]
A part of owning your own business is protecting it. This can come in many different forms. The easiest way to protect your business against threats is to have insurance. Here are some of the types of insurance that are important for you to have for your business.
The most basic form of insurance that you should have is liability insurance. This protects you against claims that you did something wrong. Another name for this type of insurance is errors and omissions insurance. You’ll need to speak to an insurance agent to make sure that you’re getting the right kind of liability insurance. Each industry has its own set of rules and regulations. You want to make sure that your business is covered properly.
The point of property insurance is to protect the building in which you’re doing business. This type of insurance protects the building against some sort of natural disaster. You don’t want to be on the hook for any repairs that may occur to the building. It doesn’t matter whether you own the building or not. Having this type of insurance can save you from having to make costly repairs to your business. Some types of this insurance will even insure the goods and equipment that were stored on the premise.
It’s always a good idea to ensure your vehicles. This becomes even more important when you have the extra expense of transporting your own goods. An accident can cause serious harm to your business. You don’t want to lose the value of all of the goods that are being transported. Trucking insurance will protect you from the potential loss of your inventory. It will also serve the purpose of repairing your truck so that you can get back to business.
Product Protection Insurance
Even the best made products can have defects. Your raw materials may have been defective or even the process of manufacture. If one of your products was to cause someone injury, you would be on the hook for the costs associated with a lawsuit. Product insurance protects you from these types of claims. You don’t want to have to declare bankruptcy because you can’t afford the legal fees. The type of insurance that you’ll need will depend on the type of product that you’re selling.
Insurance is important to have because it can protect your business from having to close it’s doors. Talk to your agent so that you have the right type and amount of protection for your business.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber; https://www.facebook.com/profile.php?id=100009221637700