How can business insurance protect your company? If you believe that you are completely safe without getting small business insurance, you may not realize the potential risks of ignoring this critical form of protection. One of the most important elements of protecting your small business is identifying the appropriate amount of insurance. Just one instance of theft or a lawsuit could significantly damage the integrity and operations of your business as well as expose you to risks.
Some of the risks you might face without business insurance include exposing your personal assets to creditors or losing the financial stability of the company. Unfortunately, business owners across Arizona and around the country may realize the benefits of insurance after it’s too late.
Options for Business Insurance
There are several different primary types of business insurance available to small business owners in Arizona. The most common types of policies are liability coverage, property coverage, and business interruption insurance. Your liability coverage handles any legal responsibilities associated with injuries sustained by customers or visitors to your office. Property insurance protects any of the assets that your company owns. Finally, business interruption insurance can step in to help in the event that an incident or catastrophe disturbs your company’s ability to function.
Determining the right amount of coverage and the right policies for your needs is easier than you think, and the investment in terms of premium has the potential to protect you from major risks down the road. Your business insurance is also something you should come back to evaluate again on a regular basis, such as once per year.
Avoiding Disaster: A Primary Reason for Business Insurance
Natural disasters and other unforeseen events can present major problems for the financial viability of your company. In these situations, you may discover that there are significant financial repercussions for not having business insurance. It may take some time to get your company back on its feet, and in the interim, you could be missing out on profits and growing the company. Having the adequate amount of small business insurance is a solid plan regardless of the size of your company.
You could be exposed to devastating risks in the event that you have not attempted to mitigate them with insurance. If you are concerned about other ways to mitigate your risk as a business owner in Arizona, make sure to consult with an Arizona business attorney as soon as possible. Having a comprehensive plan to protect yourself is extremely valuable.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding How Can Business Insurance Protect Your Company, or any other litigation matter, please feel free to contact Stockton D. Banfield at 480.461.5356, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.