Wednesday, June 18, 2014

Help Assessing Business Risk

No one dreams of the day they can pay insurance.  It is especially true when starting a business when your financial resources are at their tightest.  When your business ownership dreams come true you are dazed with all the bewilderment, excitement and anticipation that comes with any new adventure. The last thing business owners want to think about is the chance of failure or harm that could come to their business. The problem with all the optimism is that is can blind you from reality.  The reality of owning your own business is the risk involved.  The risks come with great rewards. Those rewards can be properly insured with the right commercial business insurance policy preventing the promise of success from being eliminated from a lawsuit or natural disaster.

When it comes to insurance coverage for your business don’t asses the risk on your own.  It is incredibly blinding at the start of any new adventure and the risks cannot properly be assessed without insight from a professional commercial business insurance agent.  When looking into insurance coverage for your business have at least two different insurance companies come in and address your insurance needs.  A risk analysis of your business by at least two outside parties will help to create awareness of what assets need coverage as well as what policies should be obtained.  

Insurance needs will vary greatly from one industry to another, one business to another and one entrepreneur to another. Here are a few different types of polices that can be offered to help cover all of your business needs and to prevent the financial demise of business.

One type of insurance coverage that is often seen in business is business owner coverage.  This policy is often referred to as a catch all policy.  The plan covers protection of damages caused from fires and other mishaps.  This policy offers a narrow degree of coverage in liability protection. 

Business owners can also purchase additional property insurance that offers protection above and beyond regular business owner protections.  Property insurance covers damage to the building that encompasses your business as well as the assets inside including the inventory, furniture and equipment needed to run the business.

In our society lawsuits come about for the most insignificant of reasons.  This is why it is so important that businesses cover additions liability insurance.  This policy will be the coverage that is needed to prevent financial ruin that comes from litigation over property, injuries that your product is held accountable for.  This is the policy that covers business owners from litigation against things such as a coffee that scorches a client or fan blade that cuts a babies finger.

Insurance against errors and omission is another part of business insurance coverage that is important.  This covers all service based industries against mistakes or harm caused from advice given.  Good examples of people that need this coverage are lawyers and doctors. 

When it comes to insurance for your business it is important to take the time to understand what is being offered and the reason the coverage is critical for your business.

For more information on business insurance throughout Livingston County, MI contact Cobb-Hall Insurance. We are experts in all types of insurance needs and look forward to helping you with all of your insurance needs. Check us out online at

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