Recently, I was on a cruise talking with a dad who almost had to cut his family's trip short because his daughter had gotten sick. The cruise line sent her to the hospital in the first port we reached and had advised the family that if her illness was serious the entire family would have to disembark and fly home from there. Luckily, the girl was okay and the family was able to remain onboard the ship. The dad was commenting that he had never purchased travel insurance but after this he wasn't going to travel without it again.
That reminded me of something I heard on the radio. The DJ claimed that most people wait until after their home has been broken into to install a home security system.
In both cases, it's like shutting the barn door after the horse has bolted. Once something like this has happened to you it's less likely to happen again. You need to take preventative measures before disaster strikes. Often, at work and at home, we hesitate to load up on insurance, not because we don't think anything bad will ever happen, but because we either can't afford it, or can't justify the cost.
When you own a small business not having proper insurance coverage can be catastrophic. You need to protect your investment to ensure your business' success.
Most business owners obtain commercial property insurance to protect against loss or damage to their property. Your business needs to be protected against so much more than just property damage. You may need general liability, product liability, and professional liability coverage. According to the U.S. Small Business Association general liability coverage protects against lawsuits resulting from personal injury due to accident, injury or claims of negligence. Product liability insurance is good for companies that manufacture products. It covers against claims due to bodily injury caused by a product defect. Companies that provide services need professional liability insurance to protect against malpractice, errors and negligence when providing services.
With each type of insurance the amount of coverage that you need depends on the size and scope of your business.
We know that it can be overwhelming. Starting a business is an expensive undertaking and all this insurance just adds to the cost. It is important to be sure that you protect your investment.
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