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5 Things You Need to Know About Insuring Your Business

5 Things You Need to Know About Insuring Your Business

Just about the last thing on anyone’s mind when starting a new business is insurance. When you do think about it, the words “expensive” and “complicated” probably come to mind. Who needs that hassle? In short: you do. Protecting yourself and your investors should be at the top of your list! Here is some handy, yet simple information that will help you understand what insurance is and why you need it. Premises Liability Any time anyone steps out of their vehicle in your parking lot or walks through the doors of your establishment, you run the risk of being sued. Slips and falls can occur on the most well-kept of premises. Injured patrons of your establishment might consult a lawyer to determine how much they can get for their medical bills, pain and suffering. Personal injury claims are expensive: from the legal fees (their and yours) to the awards (if any). A premises liability policy offers compensation for legal expenses and awards that might otherwise come out of your own pocket. If you are leasing the premises, your landlord will most likely require that you have this coverage before you can even move in. He might even require that your policy name him as additional insured. This will provide coverage to the landlord in the event someone is injured on the property that you occupy and are required to maintain. Another good reason to purchase this coverage is that your landlord’s insurance policy, if he has one, isn’t going to cover you. Contents/Property Coverage Property insurance is something you are probably considering, if only for the coverage it provides...