Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Does Business Insurance Fit Into My Budget

Why is business insurance important and why do you need to invest in it? This is a question that is commonly asked by many business owners, especially those that are just starting out.

When you are first starting a business and funds are tight, it is only natural to try to save as much money as possible. However, cutting back on spending by eliminating business insurance could be more costly than you might imagine.

Invest just minutes with the FREE quotes tool when you type in your ZIP code and see what your coverage could cost you now!

Business insurance is designed to provide protection for businesses as well as business owners in the event something unlikely should occur. The key to making business insurance work for you is to ensure that your business is covered by protection for events that are most likely to take place and which could ultimately result in the business’s financial collapse.

StatisticBrain has gathered figures that show that 25% of all start up businesses fail in the first year of business.

The right insurance can help make sure you are not one of them.

Types of Business Insurance

Business insurance can be purchased to provide protection for practically any aspect of your business. For instance, many business owners opt for a

Reduce Your Risks Purchase Business Insurance

policy that will provide protection in the event their property is lost. Theft and fire insurance are two of the most common types of coverage.

Many other business owners also elect to provide protection for equipment and inventory. You might also choose to have business insurance that would offer protection in the event there is an employee injury.

The type of business insurance as well as the level of coverage you choose should typically be based on the type of business in which you are engaged. There are also other factors that can affect the type and level of business insurance you choose.

In many instances, if you have business loans, the lenders holding those loans may require that you carry certain types and levels of business insurance coverage. For instance, if you have taken out loans to finance certain pieces of equipment, the lender may well require you to have those pieces of equipment covered. Such insurance coverage will provide protection for you as well as for the lender.

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Personal Liability Business Insurance

Another type of business insurance you might wish to consider is personal liability business insurance. This type of insurance provides protection for personal liability to ensure you as the owner cannot be held personally responsible for damages or injuries which may take place on the property or as a part of typical business operations.

Purchase Business Insurance to Reduce Risk

This can be quite important because if you as the business owner are found to be personally liable for any such injuries or damages, you will need to use your own personal assets to pay for those damages or injuries. This could include:

  • Cash
  • Savings
  • Automobiles
  • Private homes
  • Other valuable assets

Personal liability business insurance helps to provide protection against any such personal liability claims.

Investing in Business Insurance

While purchasing business insurance is an expense, it is one that most businesses find they cannot afford to be without. Furthermore, it is an expense that is typically tax deductible for most business owners.

Based on advice from BizTaxLaw you may be able to deduct key man insurance, product liability coverage and other protections.

Go to this article for specifics on what you can and cannot deduct for business insurance purposes.

If you own a business or you are considering purchasing an existing business or starting a business, it is imperative that you spend the requisite amount of time to research the specific type of coverage you will need to ensure you are protected for the type of business you have or you are considering going into.

Looking for Business Insurance

While business insurance is a necessity you cannot afford to be without, you will also want to be sure you are getting the best insurance at the lowest possible prices. Many business owners find it helpful to spend some time researching and comparing options for business insurance to be certain they are getting the best rates and terms.

Agent Reduces Risk When You Purchase Business Insurance

Keep in mind that not all business insurance policies are the same. At the same time, you need to focus on purchasing insurance from a reputable agent.

The Internet has made it quite easy to search service providers and business before you ever contact them today. Make use of the tools available to you to find out as much as possible about prospective agents for your insurance needs. One of the best things you can do for the success of your business is to spend a few minutes finding and researching a reliable and reputable business insurance agent.

Furthermore, look for an agent that specializes in providing business insurance that is customized for your business. The right insurance company will be able to guide you to a business insurance police that is not only effective, but also affordable.

When starting a new business or expanding an existing business there are many decisions that need to be made. Subjects such as business insurance are often ignored until it is too late. Regardless of how large or small your business may be, taking out business insurance is a task that can save your business from being destroyed in the future.

Reduce Business Insurance Risk by Comparing Options

There are numerous risks involved in operating your own business. It is impossible to see into the future and know the problems your business may face in the coming months or years. Taking out business insurance can give you peace of mind in knowing that, regardless of the risk your business may face, you will be protected.

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Shop and Compare Policies

Shopping around for the best business insurance and knowing that all of your needs are met will also help to ensure you have not only insurance you can afford, but also insurance that will truly meet all of your needs. Today it is easier than ever to shop and compare everything online, including business insurance policies.

Compare coverage for your business risks by entering your ZIP code into the FREE box provided now!