Top 5 Reasons Why Your Alexandria VA Business Needs Insurance Today
Do you own a business in the Alexandria, VA area? If so, you need to have business insurance to keep you, your employees, and your business as a whole safe and secure. Like medical insurance, business insurance covers risks and potential losses and can be key in keeping your business running if something unexpected happens. Business insurance options include general liability, professional liability, property insurance, workers’ compensation insurance, and business interruption insurance.
Here are the top five reasons why you need business insurance Alexandria VA.
1. To Protect You Company From Lawsuits
There are a number of lawsuits that you can face as a business owner. They include breach of contract, wrongful termination, workplace harassment, product liability, and breach of fiduciary duty. Business insurance will help protect your business if you are sued by a third party by covering your legal and court fees and the settlements you are required to pay if the case is not ruled in your favor.
2. In Case You Experience Property Damage
Business property insurance (also known as commercial property insurance) protects your property and other on-site physical assets in the case of weather events, certain types of accidents, and other types of damages. You should consider this type of coverage if you own the building your business is in, you lease or rent space, or if you have a business based in your home.
3. To Recover from Theft
Business or commercial crime insurance protects you the losses from business-related crimes including theft, fraud, and embezzlement. This type of coverage is not included under general liability insurance and needs to be added separately. Consider this type of insurance if you deal with a lot of cash or online payments.
4. To Compensate for Employee Injury or Illness
Workers compensation insurance—a form of business insurance—covers your company if one of your team members has a work-related illness or injury. It can provide a percentage of lost wages to the employee as well as help cover their medical expenses. Workers compensation insurance is mandatory for all businesses in the U.S. except for Wyoming and Texas.
5. To Cover Income Losses If Necessary
If your business has to close for a certain period of time, business income insurance can help cover your lost income and operating expenses until you can re-open. This includes lost net income, mortgage, rental, or lease payments on your building, loan payments, payroll, taxes, and other routine bills your business pays.
Business Insurance Alexandria VA: Finding the Best Fit for You
Business insurance is key to the continuation of your company and some types are mandatory depending on the type of business you have and where your company is located. The many types of business insurance Alexandria VA can be confusing to a business owner. That’s why it’s important to work with an experienced agent who can walk you through all the options and advise you on which plan or plans are best for your business.
