Owning a small business can be extremely risky. Without proper protection, owning a business can be more risky than just failing to make a profit. It could threaten your personal financial well-being far beyond anything you might imagine.

So why not try to protect your business assets and take as much risk out of your efforts as possible with business insurance?

In today’s society, the threat of legal action against small business is always present. But there are other risks besides liability. Your business could be shut down because of a loss of business machinery, financial records or office equipment due to a fire, power outage, flooding, hurricane or any number of other causes. Even a temporary shut down could force you to permanently close your doors if you aren’t appropriately covered for such an event.

That’s where business (commercial) insurance policies come into play. They can protect your business. Shop owners, contractors, restaurant owners, churches, home businesses and every type of business you can think of needs business insurance. Many, such as restaurants, realtors, dry cleaners and condominiums need specialized policies. Others can use a basic business owner’s policy.

Generally, there are two types of insurance—property and liability. Property insurance covers damage to or loss of the policyholder’s property. And if somebody sued for damages caused by you or your possessions (other than a vehicle covered by your insurance policy), the cost of the suit—both defending it and settling it, if necessary—would be covered by your liability insurance.

Safeguarding Your Property

Like a standard homeowners policy, most business or commercial insurance policies cover both real and personal property. Real property includes your buildings. Some policies cover the main building but not additional sheds, fences and other structures. Some may exclude trees, outside signs and glass. Personal property that belongs to the business such as inventory, equipment, furniture, machinery and the like are usually covered.

Coverage can be provided on an "Actual Cash Value" or "Replacement Cost" basis, and can be as broad as "All Risk" or as simple as "Named Perils." A deductible will usually apply to each loss.

Additional types of coverage that can be purchased include windstorm, flood, boiler and machinery, loss of business income, peak season coverage, valuable papers and records, inland marine coverages for property used off your premises and bailees coverage for someone else's property in your custody.

In fact, because no two businesses are exactly alike, business policies are designed to be tailored for you. GIA, your Trusted Choice® insurance agent, can help you in preparing an inventory and determining what coverages and limits you will need.

Protecting Yourself And Your Employees

You will want to provide coverage for your employees in the event of a job-related injury or an illness attributed to the workplace. Required by law in most states, workers compensation coverage provides your employees payment of medical bills and lost wages should they be injured or become ill in the course of their employment, regardless of how the injury or illness occurs. In most states, coverage is also available for you, as the owner of the business. Remember it is important that you comply with the law and provide the best possible protection for your employees.

Vehicles Used In Your Business

Whether your business owns one car or a fleet of trucks, automobile insurance protects your business for damage caused to other people or property by your vehicle, as well as damage to your own vehicle.

Crime Protection

Unfortunately, crime is an everyday occurrence in today's business community, but coverage is available to protect your business from theft by burglary, robbery or employees.