Why Is Business Insurance Important For You?
Business Insurance Helps Manage Risk
You may be asking yourself why would you need business insurance. Consider this: the average cost of a patent infringement lawsuit through trial can range between $300,000 to $3 million.
What Do Small to Medium Sized Companies Need to Cover?
How is a small to medium sized company defined? In this case it means having fewer than 100 employees and less than $5 million in sales. If this applies to you, you might be in need of advice as to what kind of business insurance policy you should have.
For a small to medium sized company, a Business Owners Policy or BOP, is the perfect fit. BOP covers the same kind of perils that the typical homeowners insurance would cover but for business properties. Hazards that are covered include: fire, lightening, windstorm, hail, riots, and damage caused by aircraft or vehicles. This is a great way to package a bunch of insurance policies together for a company. Combining insurance like this often allows companies to receive a discount from the insurance providers.
Also, insurance companies often are able to create policies for businesses that are tailored to their individual needs. This allows the small companies to reduce their premiums by streamlining their policies to only what they need. Because BOP’s can be custom designed, this also means that they come in many varieties. It’s important as a small business to ensure that you are getting adequate coverage for your needs.
To help decide if a BOP covers enough for your company, consider the following: BOP’s usually cover two basic areas of coverage: Property Insurance and Liability Insurance.
Property insurance is one of the most important investments a company can make because it protects your buildings and the equipment inside. For the kinds of companies that hold much of their value in property, such as electronic equipment, it’s vital that the Property Insurance is adequate to cover the value of the property. BOP will provide replacement coverage for the building and most times the personal property inside. Replacement coverage means that in case of damage to property, an adequate amount of money is given to the insured to replace the damaged property/equipment. Also included in the coverage is loss of income and continuation of normal operating expenses including payroll.
The second component of BOP, Liability Insurance, can protect against claims of bodily injury, property damage, and any lawsuit claims for physical injury. It also covers cases of libel, slander or false advertising that could arise.
With Schneider & Associates, small businesses benefit big.
We believe every business should have access to legal coverage and every business should be able to afford it. With all the fine print and legalities of running a company today, legal protection is a necessity, but it doesn’t have to be unaffordable.
For one low monthly cost, you can lead your business with peace of mind knowing you’ll have access to legal advice when you need it most. From legal consultations and contract reviews to debt collection and more, we’ll help you and your business with any legal matter, big or small.
Some of Our Small Business Services Include:
- Legal consultation on unlimited matters
- Business law expertise
- Contract and document review
- Debt collection assistance
- Legal correspondence
- Trial defense services
Business Insurance in Gainesville and Micco
Learn more about commercial and business insurance policies, call Schneiders & Associates in both Gainesville and Micco. As an independent agency, we can shop multiple class A carriers to get you the coverage you need. We will be happy to talk with you about your personal unique insurance requirements. Get insurance today so you don’t have to worry about tomorrow. Call today, 877-333-3021!