How Insurance Can Protect Your Business From the Unexpected

Expecting the unexpected is necessary when you own a business. Acknowledging and mitigating the risks and liabilities associated with conducting day-to-day business is important for a company's long-term success. One unexpected event can have a catastrophic impact on a business. Here are a number of ways insurance can protect your business when the unexpected happens.

Property Damage

Business property is a significant financial and operational asset for any business. Office space, equipment, furniture, tools, inventory, and more are all necessary to conduct daily business, which is why having business personal property insurance is important. Damage to buildings or personal property can quickly derail a business without proper insurance.

Lost Income

Income insurance can help a business pay for expenses like mortgage or rent payments, employee wages, and tax payments when an unexpected event temporarily prevents a company from operating and generating revenue. Worrying about how you will cover these types of expenses won't be necessary with lost income insurance.

Employee Illness and Injury

While employees are assets to a business, they are also a liability. The possibility of illness or injury to an employee on the job makes having workers' compensation, disability, and employer liability insurance very important. These types of insurance can protect your business, as well as your employees, when needed. 

Cyber Liability

The probability of cyber threats and attacks is high for businesses of any size. A data breach can have an irreversible negative impact on a business's reputation if not handled properly. Swift action is necessary to determine the source and communicate with those affected. Data breach insurance can protect your business by covering costs incurred as a result of the breach, such as determining the source of it and managing public relations to minimize the effect of the breach. Cyber liability also covers loss of income as a result of the breach.

Home-Based Business Issues

Running a business from your home may seem like it would be low risk, but threats to products, equipment, supplies, and even customers coming to your home, can cause havoc for a business. You may think your home-based business is covered by your homeowners insurance, but it is not. Home-based business insurance can protect your business in case of an unexpected event.

Risk and liability will always exist in a business. Understanding exactly what insurance coverage you need for your business can be daunting. At Rumbaugh Insurance we make it easy by working with you to understand your business and ensure you have the appropriate business insurance. Providing insurance in Hanover, PA, and the surrounding area, we are ready to help you with all your business insurance needs. Call us today at 717-632-6001.