When was the last time you read your business insurance policy? Word for word? If you’re like many business owners, you probably have never read it that thoroughly and simply assumed that you had all the important bases covered.
It's important to revisit your policy at least once per year. As your business grows, so do your liabilities. Don't get caught underinsured if a disaster strikes!
While there are many types of insurance for business owners, one that is often overlooked is business interruption insurance. Should there be a disaster that closes your business temporarily, this insurance can cover your lost income, according to NFIB.com. In addition, it covers any expenses for keeping your business running while your office space is repaired and can also pay the rent of your temporary space.
Every business owner should have insurance and be thoroughly covered, but you do not want to be over insured. Talk to your agent and others to see what their recommendations are. BBB always recommends that you get at least 3 quotes before making your final purchasing decision. After carefully reviewing the suggestions provided to you, then make your decision.
Would you ever consider business interruption insurance?