Saturday, July 24, 2010

Do You Need Business Insurance?

Many think that business insurance is only for major corporations with thousands of employees, but this is not true. Even a small company with no employees should consider buying a policy.

Business insurance can be very affordable, and can protect you if your company's assets (equipment, property, etc) are ever damaged or stolen or if your company itself is ever sued. It can also come in handy if you ever need to defend yourself from trademark infringements or copyright violations.

Many entrepreneurs conclude that their company is not the type to ever get sued, but they fail to realize that any business can be sued for any reason.

Depending on the nature of your business, a lawsuit can easily be filed against you for personal injury, negligence, unpaid wages, wrongful termination, harassment, discrimination, defamation of character, damage of equipment or property, and even for giving out misinformation to customers. Remember that your business can be sued, even if one of your employees solely made the mistake.

For these reasons, it's advisable to at least talk to a business insurance agent and get a quote. You may find that you can get significant protection for less than $1,000 a year.

Many of the companies that sell auto insurance and health insurance like GEICO, Allstate, and Nationwide don't typically sell business insurance policies. Ones that do include Zurich, Farmers, The Hartford, and many others. There are also brokers such as Wells Fargo.

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