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Do you have enough business insurance to ensure you’re protected against whatever damaging event may occur? Are you frustrated by premiums that seem outrageous, even though you’ve never filed a claim? If so you are one of the many business owners who have contemplated making changes to their insurance coverage to save money, but before you do that you may want to consider the financial impact-to you and your business-of failing to carry the adequate amount of insurance coverage. The following is a brief explanation of some of those consequences, along with some information on which types of business insurance are required versus what’s recommended.

The fate of businesses carrying inadequate insurance can be dire, but unfortunately this is often only realized after the damage has already been done. In the case of fire for example, or worse yet, a fire that causes injury to another, failure to carry adequate insurance coverage can mean the total loss of the business and may potentially open you, as the business owner, up to a lawsuit that can wind up costing thousands, even millions of dollars more. In this case, not only will the business be liable for damages but you may be held personally liable as well. To avoid this, you must maintain adequate insurance at all times.

If you’ve ever run a business you already know that there are certain types of insurance which are required for maintaining your business license. Workers compensation insurance, for instance, is mandatory if you have any type of hired help. Other types of insurance are also obligatory depending on the type of business and the function that business performs. A transit company, for example, would be required to obtain liability coverage for all of the vehicles used in performing this service. This type of insurance protects the business against third-party property damage and injury in the event of an accident. Other types of insurance, however, are elective, and include coverage against fire, theft, and flood or wind damage. These types of coverage may seem like “overkill,” especially for a business struggling each month to stay in the black, but if you find yourself without protection against these types of events the consequences could be devastating.

So how do you know how much insurance coverage you need? This is a good question, but one that can only be answered after meticulously determining your potential for risk. For example, if you live in an area that is particularly susceptible to seasonal flooding, purchasing flood insurance would probably be a good idea. Those businesses in areas where it seldom rains may be able to forgo this type of coverage. With the help of a knowledgeable insurance agent, you can create an outline that determines your possibility for risk, along with the potential costs with regard to each event.

Carrying comprehensive insurance coverage to protect you against events such as flood, fire, theft or natural disaster, may seem a bit too pricey for your company’s budget, but of all the costs you could potentially cut to help make ends meet in these difficult economic times, this is not one of them. Plan ahead and sleep easy knowing you’re protected against whatever may happen.

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