It is not easy to run a small business. You can minimize the stress by reducing the financial risks your business is taking. As a small business owner, you must be able to decipher the acceptable risks from the unacceptable risks because losses could harm or destroy your business. Business casualty insurance will protect the items you own, like a vehicle or a computer, for example. It also includes liability insurance that will protect your assets if you are legally held responsible for bodily injury or property damage to another. Consider six reasons for business casualty insurance policies.

1. To Protect Assets

The protection of your valuable businesses assets is of premium importance. It can even mean the difference between staying in business and being forced to close your doors.

Asset Coverage

A business does not merely require a venue and products to be sold. To gain cash flow, you will need computers. You may need vehicles to get products in and out. You will need real estate to store goods and build your brand. Industry machinery will help create the merchandise that you can sell to the public. These are all tangible assets that will be protected under business casualty insurance. Be sure to check with your insurance broker about specific coverage options.

2. To Replace Property Damaged by Loss or Theft

Unfortunately, owning a business, whether small or large, puts you at risk of damage, loss, or theft. You can never be too careful.

Theft and Loss Situations

Imagine losing everything you have worked so hard for to an intruder or an accident. The traffic your business gets places you in these inevitable situations that you must be prepared to face. Be sure to get business casualty insurance to help cover the cost of replacing stolen, missing or damaged items.

3. To Provide for Lost Income

Even the best small business owners might not be able to withstand every problem that could arise. Having comprehensive insurance coverage helps businesses be well-prepared for almost anything that may occur.

Casualty Insurance for These Losses

You could lock up your shop and still come into a break-in the following morning. Your business could be at the crossings of a natural disaster that destroys countless valuables. In certain situations, your business may have to cease operation until further notice and you will lose income. Casualty insurance covers business interruption. If you cannot run your business due to circumstances beyond your control, your insurance company will compensate you.

4. To Cover Liability for Negligent Acts

Nobody intends to make mistakes or cause any type of injury or harm in the course of doing business, but it happens every day. Make sure you are covered for negligent acts.

Liability Coverage for Negligence

Consider what would happen if an accident occurred in your parking lot. One of your employees could be injured. Someone could trip and have a bad fall. Perhaps one of your employees left a spill behind for a customer to slip and fall. You could be liable for medical expenses, damages, court costs, and more. The injured party could sue your company due to negligence on your part or the part of one of your employees. If you lose, you have to find money to pay the attorney fees and you will be liable to pay a substantial amount of money for the damages. Casualty insurance will help cover the attorney fees and damages.

5. To Provide Coverage for Auto, Workers’ Compensation, Crime, and More

There are many variables involved, depending on the type of business you are in. Consider all forms of essential coverage.

Examples of Coverage Issues

Casualty insurance includes certain types of bonds. For example, a surety bond ensures that anyone that you sign a contract with will fulfill that contract. This bond is is often used for those in construction businesses or companies that serve the government. An employee theft and dishonesty bond protects your business from damage or loss caused by employee theft. This can come in handy if your staff has access to company funds or handles cash transactions.

6. To Protect Your Business

Think of casualty insurance as a seat belt for your business as it protects you from the worst and allows you to walk away unharmed.

Deal with Costly Losses

Without business insurance, be prepared to lose revenue, face lawsuits, and suffer property damage whether you are extremely careful or not. There are forces beyond your control, but casualty insurance will protect you from them and put your mind at ease.

You will sleep much easier knowing that if you walk into a disaster the following morning, you will not have to face it alone. Keep in mind that if you are not properly insured, you are intentionally putting your business in harm’s way. There is no guaranteed way to have a successful, long-lasting business. You can do everything by the book and still run into trouble. Simplify things by getting insurance to protect your business.

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