How to Protect Your Business From the Unexpected

The business world is never a sure game. Anything can happen to anyone; unexpected trends can and will surprise you at every turn. Each year a new crop of problems, innovations, disasters, and developments will change the landscape of your business’s market. So how can you be sure to protect your livelihood from going under at the worst possible moment?

General Liability Insurance

General liability insurance is a must for any small business owner. It covers basic problems related to accidents – for example, a customer hurting themselves within your business’s premises, or your employee damaging something accidentally while in a client’s home. Usually, general liability insurance includes premises liability, products liability, and personal and advertising liability. With these, you’ll have your bases covered to defend against unexpected litigation.

Errors and Omissions Insurance

If you make a costly mistake, errors and omissions insurance kicks in to cover losses. Regardless of the market you operate within, blunders can and will be made. If the faulty product or service results in harm, you will need this form of professional liability insurance to help you out. Businesses that provide a service particularly will need this – from in-home tech installation companies to financial services to birthday clowns. This way you can work freely towards providing your service (even in a client’s confidential space) with peace of mind.

Commercial Property Insurance

This is a must-have if you operate on commercial premises. As a kind of buildings insurance, it will financially protect the building itself, as well as appliances and tools owned by the company (although that depends on the plan and insurance company in question). This coverage will specifically cover your building against accidental or intentional fire, storm-related damage, and many other things. Protecting your location with commercial property insurance can be especially important if the location of your business is an integral part of building up your reputation; for example, a restaurant business.

While it may cost you a pretty penny to begin with, insurance is the backbone of survival for a small business. Especially in those uncertain early years where any small accident can offset your financial situation so badly that your business goes under before it can even put its roots down. But once you have the correct insurance under your belt – chosen and tailored directly for your market, location, and product – your business will have the safety net it needs to flourish!

Check out this article on how to avoid costly mistakes at your business!