Purchasing a business owner's insurance policy is a smart move. It feels good to know that if you ever need to pay out on a liability-related lawsuit the funds will be there without you having to use company profits to take care of the expense. Along with general liability protection, there are a few other coverages that you absolutely must include in your insurance policy. Keep reading to find out what they are.
Income Interruption Protection Gives Peace Of Mind
If you've ever had to go an extended period of time without any form of income then you know how frightening this kind of situation can be. It's hard not to know where your next meal is going to come from, much less the fears that can pile up as the bills get further and further behind.
Remembering those lean times should be more than enough to motivate you to get income interruption coverage. This is usually a rider that you can add to the policy which will pay you if you aren't able to conduct business for a stated number of reasons.
For example, if your business facility catches on fire and you're unable to conduct business while the repairs are taking place, the income interruption portion of your insurance policy can fill in the gap by cutting you a check to cover your expenses while you wait for the work to get completed.
Special Property Insurance Is Also Important
Some of the items that you sell in your line of business might be worth more than what is covered by the first party protection in your policy. If you aren't careful to pour over the small print, you might not realize that some of those antique guns that you sell each day are not covered by the business personal property section of your policy.
Find out what the limitations and restrictions are for the property that you have to find out if you need to include special property insurance. Special property insurance includes extra protection for some of those pricier items that fall outside of the limits that have already been set on your policy.
Your business insurance policy should be as comprehensive as possible. Be thorough when you purchase your policy so that in the event of a covered accident or peril you'll have all of the protection you need to keep your company running just as it should.
For more information, reach out to companies like Insurance Unlimited.
