Most small business owners have heard of business income insurance, but many don’t think they need it.
However, there are many reasons why business income insurance may be the smart choice for your company, especially if you’re looking to expand in the near future.
Here are reasons why you should consider business income insurance for your small business.
It protects your revenue
Business income insurance can protect your revenue by ensuring that if something happens to your business, you still have an income.
It’s important to know that this type of insurance is not designed to cover expenses incurred while operating the company.
These policies are designed to provide a steady stream of income in the event that there are unforeseen circumstances which may take place, such as a fire or flood.
In most cases, policies will last for 12 months and will generally be structured so that they pay out monthly until they expire at the end of their time period.
This coverage is relatively inexpensive to purchase and often provides relief for many small businesses who are trying to grow their clientele or secure a larger deal with one of their existing clients.
Business owners should consult with professionals who are experienced in crafting this kind of policy to ensure that it meets all of their needs before making a final decision.
It covers lost wages
Business income insurance can help you protect your income in the event of a sudden accident, injury or death. It also covers lost wages if you are unable to work for an extended period of time.
This is a great way to cover your bases and make sure that you have enough money coming in if anything happens.
Think about how much it could cost: While this type of coverage doesn’t protect assets such as inventory and machinery, it does provide a lot more protection than just about any other type of policy! What’s more, when you get business income insurance quotes from agencies like PMI Risk Solutions, you might be pleasantly surprised by the rates offered.
One last thing worth mentioning: Your business income insurance should also include commercial property and liability policies in order to stay protected at all times! As with any policy, it is always a good idea to talk with agents about what is best for you and your business before making any decisions.
If something does happen and you don’t have the right coverage, not only will your finances take a hit but so will morale! To find out more information, contact us today!
It covers essential expenses
Business income insurance is a form of insurance that covers some of the essential expenses your business may incur.
It can help to keep your business running smoothly in case you are unable to generate an income.
The following list includes some of the reasons why business income insurance is essential for small businesses:
✓ It helps with cash flow,
✓ It can cover debts and loans,
✓ It covers taxes and other fees,
✓ It provides coverage for legal judgments against your company,
✓ It ensures you have funds available for the future,
✓ It protects the value of your assets by providing funds when needed most and
✓ Provides protection from lawsuits if something goes wrong within your company
Helps protect the value of your assets Protects you from unforeseen emergencies Gives peace of mind knowing that your finances will be taken care of.
It can be customized
Having business income insurance for your small business is a great way to protect your revenue if you are unable to work due to an injury or illness.
The policy can be customized based on the needs of the individual and the type of business, so it’s important that you talk with your agent about what’s best for you.
It provides protection from an accident or illness that may affect your ability to work 4.
It has no upper age limit for participation No matter how old you are, you should have this coverage in place because accidents happen every day.
If you’re going to be self-employed, the last thing you want is having to deal with not getting benefits because the company requires proof of good health before they offer coverage.
It’s affordable
Business income insurance is an affordable way to protect your business and its employees.
Whether it’s a one person operation or a team of 50, you can find the right coverage for your needs. It’s easy to get started and the cost will be based on the size of your company.
Plus, you’ll have more than just commercial general liability coverage you’ll be able to choose from a range of optional coverages including professional liability, key person life insurance, cyber liability, and more.
So don’t wait! Call us today to start getting protected for what matters most! What are you waiting for? Protect your small business with by starting a conversation with us today!
It is easy to set up
Business income insurance isn’t that complicated to set up. It’s especially important for small business owners, who might not be able to afford the loss of an entire year’s worth of revenue if something were to happen to their business.
It can also help you with securing financing: Insurers will often offer some form of guarantee in case you have trouble paying back a loan because your business is down and out.
One way you can save on your premiums: Investing in property or equipment coverage will usually help lower your premiums since it means less risk to the insurer.
If you’re looking for long-term solutions: ): Consider taking out both property damage and liability policies together.
Policies are usually structured so they don’t overlap one another and take care of any number of disasters that could strike your company.
It gives you peace of mind
Business income insurance is one of the most important types of insurance you can purchase for your small business.
It gives you peace of mind by providing a financial cushion in case something unforeseen happens to your business and it’s not able to generate any income.
The policy can be tailored specifically to meet your needs: Whether you’re just starting out or looking to expand, there are different levels and coverage options available.
Some policies cover both your personal property as well as business assets, while others cover only your livelihood.
Your family will thank you: If an unexpected event occurred to your small business such as damage from a fire or earthquake; the money received from this type of policy could provide crucial assistance to continue operations while waiting on repairs.