It is one thing to start a business and another to keep it running or even grow it. This is because operating a business puts you in a position to overcome challenges such as stiff competition, management issues, and financial constraints. Small business face even bigger obstacles. It is not surprising that a staggering 50 percent of businesses fail within the first five years of operation, as per the U.S. Bureau of Labor Statistics (BLS). Thankfully, the right business insurance can help your business survive through murky waters and stay afloat. The best business insurance depends on the risks your enterprise is facing. Here is a look at basic insurance policies that your business must have.
Table of Contents
- Business Interruption Insurance
- Commercial Property Insurance
- Commercial General Liability Insurance
- Commercial Cyber Liability Insurance
- Contact Us for Comprehensive Business Insurance in Amarillo, Texas!
Business Interruption Insurance
This policy provides coverage in case a catastrophe hits your business, interrupting normal operations. It caters to the financial losses you incur due to business interruption. One awful thing about perils is that, at times, you may never see them coming. For instance, you can wake up to a flooded office or receive a late-night call of your premises burning down. When such occur, you will be forced to shut down your business to restore the damage caused temporarily. It’s worth noting that about 25 percent of businesses are unable to survive a disaster. This is where business interruption insurance comes in handy.
Commercial Property Insurance
This insurance policy covers your finances in case physical business properties get damaged. It covers furniture, equipment, computers, buildings, inventory, and stationery. Common perils that cause commercial property damage include fire, floods, natural disasters, molds, and criminal acts such as theft and vandalism. If your business owns costly machinery such as advanced medical or agricultural equipment, damage can bring your business to a standstill. To avoid this, ensure you purchase adequate commercial property insurance coverage.
Commercial General Liability Insurance
Your business premises or operations can pose a risk to third parties. For instance, if a client slips on a slippery floor in your office, sustaining injuries, the authorities will hold you liable if the victim files a lawsuit against your company. If, say, your business vehicle gets involved in an accident, causing bodily injuries to a third party, your business will still be answerable. Commercial general liability insurance is the coverage that is handy for such situations. It covers legal costs, treatment costs, and compensation in case your business causes bodily injuries or property damage to a third party.
Commercial Cyber Liability Insurance
This policy suits any business that stores clients’ or any third party’s confidential information. Cyber security incidents surged during the Covid-19 pandemic and have remained relatively high. Keeping this in mind, protect your business’s sensitive information from hackers who are out to steal, misuse, and sell it for their selfish gains. Remember, your system can never be secure enough. That’s why even Fortune 500 companies with the most sophisticated cybersecurity measures suffer cyberattacks. Therefore, shield your finances by carrying cyber liability insurance coverage.
Contact Us for Comprehensive Business Insurance in Amarillo, Texas!
At Advanced Insurance Group, we provide comprehensive business coverage designed to meet your unique needs and protect against several risks. Our tailored insurance solutions ensure continuous protection for your business. Contact us today to discover more about our business insurance offerings and how we can safeguard your operations effectively.