Why You Need To Insure Your Small Business

​A recent survey showed that only three out of ten small businesses have insurance. And most of these small businesses have the necessary policies that cover general liabilities, while some have commercial property insurance to protect them from losses. 

It is a given that when you are starting a business, there are other essential and urgent demands that business owners focus on rather than getting their businesses insured. For small businesses, getting insured can seem like an inessential luxury. Instead, they would take a gamble and hope for the best for their companies than to commit and dedicate to monthly or annual premiums. 

There are plenty of reasons why small businesses would prioritize having their businesses insured and protected. Because of the severe weather, floods, wildfires, and earthquakes are putting businesses at risk of damaging their equipment or property. 

It does not matter where you are located; the risk of people breaking in is real. Are you ready to replace and buy new computers or equipment if they get stolen? What is your plan if someone decides to sue your company? These are the types of scenarios you can avoid if you have your businesses insured. 

Here are some necessary insurance policies you need to know: 

1. General Liability Insurance 
   This policy can protect you from lawsuits if a customer accidentally falls or slips in your store. This type of insurance can also help if you caused damage to a customer's property. General Liability Insurance covers the risks of interacting and working side by side with the public. It is also something good to have when you want to open a new store or open a bank account. 
   
   
2. Professional Liability Insurance 
   Also called Errors and Omissions, service businesses use this type of insurance. Professional Liability Insurance protects them against lawsuits because of negligence caused by your company. With this policy, even if you have not made any mistakes when hit with a lawsuit, you still have to defend yourself and the company.
   
   Working with a lawyer and the court means spending money. Other clients even require and demand a company to have this kind of insurance before signing a contract. 
   
   
3. Business Interruption Insurance 
   Business Interruption Insurance can help replace and reestablish lost income when you cannot run your business. In instances like wildfires in California, where businesses are forced to close down because of damage, this type of policy can help companies remain in control during the rebuilding operations. 

Conclusion:
When starting a business, it is best to prioritize things that will help you grow and maintain your business for a long time. It is better to be prepared rather than having to deal with things as they come. 

At Oncken Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (281) 256-8310. Get your free quote today by CLICKING HERE.