Running a small business is a risky endeavor. While incorporating can protect a business owner from most personal liability related to business activities, it won’t help the company stay in business if it is sued by a former client, employee or vendor. The best way to protect the business and ensure it is around to provide a legacy is to purchase business insurance. There are several types of policies that are suitable for small business owners. Some policies are required, such as worker’s compensation and commercial automobile insurance while others are completely optional. This optional business insurance in Wichita KS can save a company a huge amount of money if they are ever involved in a lawsuit.
A basic liability policy can protect a company from a lot of different types of losses. However, liability coverage only covers the cost of another party’s losses. For example, if a customer is hurt on the business’s property, liability insurance will cover their medical expenses and some other losses related to their accident. However, if a driver crashes into the building, a general liability policy won’t be sufficient to repair the damage. To cover that type of loss, a business owner will need to buy property insurance. Commercial property insurance can cover the structure as well as the equipment inside. Business owners who rent the space where they operate can purchase a tenant’s policy that will cover their equipment, furniture and inventory.
A business income policy can protect a company if the company needs to close due to a disaster or for government-mandated purposes such as road construction or a curfew related to civil unrest. By proactively purchasing this kind of policy, a business owner will be able to recoup their losses of profits, operating costs and relocation. Being forced to close a business due to circumstances beyond the owner’s control can be devastating. However, when the company has this type of business insurance in Wichita KS, the owner won’t have to worry about paying salaries and remaining in business while the doors are closed. Entrepreneurs should contact Andy Woodward Insurance Agency to learn more about business insurance in Wichita KS before they make their first sale.