Although bond and business insurance is both a requirement, you can sometimes save money by shopping for them separately. If you choose to use an agent, however, you can potentially be able to receive discounts on both policies. Also, if you already have existing business insurance policies and bond policies from other companies, you can often combine your polices into one policy. However, always compare the cost of these policies so that you can get the most affordable coverage.
Business insurance is designed to protect your business from liability claims, which are often the most common type of claim in business. Many people fail to realize that there is an unlimited amount of liability for businesses. As a business owner, your business may have clients or customers who slip and fall on your property, slip or fall ill at your business, or contract harm from products you provide. To protect your assets and the value of your business, it is important to have sufficient protection against these types of claims. Business insurance can provide the protection you need to defend yourself against these types of lawsuits.
Bond is often used to protect the company that issued the insurance policy from paying a claim to an individual. If your company is sued for a claim, the bond may act as a lien against the assets of the company in order to satisfy the debt. While this provides protection to your company, it can often raise the premiums you pay for your insurance policy. Because of this, it is often more economical to simply purchase business insurance policies that do not require a bond. However, be sure to investigate all of your options before choosing to go with one or the other. Both insurance policies will protect your company and can help lower your monthly payments.
Business insurance will also often cover you from liability actions taken by your tenants, vendors, and employees. For example, if your company has a shop inside a public facility, but you are the owner of the facility, and someone slips and falls in the shop, the liability insurance will cover your company from paying medical expenses and legal fees to another party. While this type of insurance is primarily needed to protect your business, it can be helpful to have in case someone slips and falls on your property, or is injured while in your shop. Without liability insurance, your business could be responsible for these types of expenses out of pocket.
In addition to liability coverage, many business owners choose to purchase property insurance to cover their personal property. This can include any property found on or attached to your business, such as furniture, equipment, computers, and supplies. Property insurance will also cover any legal fees or judgments that your company must pay if someone is injured on your property.
Whichever form of business insurance you choose, make sure you are adequately covered. Remember, the cost of protecting your business and personal assets can quickly add up. If you do not have enough coverage, the consequences could be devastating. Your business could go bankrupt, or you could end up losing everything in the case of a lawsuit.
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