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Every business needs business insurance. It’s a layer of protection crucial to the advancement of each business. Depending on the policy, business insurance covers damage to the business’s property, pays for damages in lawsuits, and foots the bill for damaged records. Business insurance covers several crucial parts of a business. Without it, a business can sustain damage from employees, lawsuits, customers or a natural disaster and have to close down permanently.

Property 

Property insurance covers the business’s physical assets, such as buildings and equipment. This type of insurance replaces property, such as a building, destroyed or damaged by fire, flood and windstorm. It may also include coverage for property damage of another person, caused by property belonging to the business. For example, a broken pipe causes damages to the neighbor’s basement.

Accidents 

Liability insurance protects businesses by paying attorney's fees and damages associated with third party claims, such as lawsuits, resulting from accidents on the business’s property. All businesses should have this type of insurance. Most business insurance policies include both property and liability insurance.

Records 

Typically standard in business insurance policy, records insurance aids in replacing destroyed records, such as invoices and other documents. The records could have been damaged in a flood or fire. This insurance helps cover the cost of record replacement up to the limit on the insurance policy.

Income Loss 

Interruption insurance prevents income loss when something, like a natural disaster, forces the business to halt operations. The business will have to prove how long the business was closed. The insurance replaces any income that businesses would have earned during the shut down. Ultimately, the insurance aids the business in reopening it’s doors.

Additional 

Business insurance policies can include several other types of insurance, which protect businesses from a variety of issues. These types of insurances include fidelity, professional liability, terrorism, kidnap and ransom, crime and auto. Fidelity protects the business from dishonest employees, which steal data or other assets. Businesses, which provide third party advice or services, benefit from the protection of professional liability insurance. These additional services are not required, but can be obtained to safeguard various aspects of each business. If the business employs workers, even more types of insurances are required by law. 

All businesses need not only insurance, but the right amount of insurance. A business insurance agent can assist owners in choosing the best level of protection for the owner and business. Business owners should invest in the future of their business by getting business insurance as soon as possible. It could mean the difference between going under and turning a profit.

Tom Jones Insurance is your Millersport and Lancaster insurance provider. Call us today at 740-467-2040 for all of your insurance needs.

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