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Where to Buy Shop Insurance

Where to Buy Shop Insurance


    

Where to Buy Shop Insurance

by Michael Thomas

Opening a business is the shared passion of many people around the world. Owning a own shop is the epitome of opportunity, though many of the financial and legal obligations surrounding it can put a damper on the excitement. Obtaining a shop insurance policy can seem boring, and more like a liability than an asset, but in reality, it is one of the wisest choices a business owner will ever make, laying the groundwork for financial security.

Regardless of what type of insurance is chosen, absolutely all shops will need to purchase some type of property insurance. Not only is it needed, it is most often required, especially in instances of loans and lenders who wish to see extended protection for the property they are financing. Property insurance is avaliable for both owners and renters, providing protection to the building structure and all listed contents and inventory inside the building. Though it is most popular for covering items in case of fire or natural disaster, it can also cover theft. However, many property insurance policies do not provide coverage for flooding, so make sure to shop around for supplemental coverage if needed.

The news is peppered with stories of people who sue business owners because they fell inside their store, or obtained some sort of injury within the shop property. Liability insurance protects the business owner from the financial responsibilities associated, including lawsuit costs, court fees and an attorney's costs. Without liability insurance, a major lawsuit can shut the doors of a business, and lead the company owner into bankruptcy.

The idea of insurance coverage for employees is often overlooked. Though it may seem trivial, especially for small family businesses, employer liability insurance can protect both the owner and employee in instances of being hurt on the job. Worker's compensation may be required, along with medical bills and compensation for pain and suffering. Employees will be happier knowing that their employers are prepared in case of an accident, and that care and expenses will be available without hesitation.

Insurance can be expensive. In a tough economy, insurance premiums can make a big difference to a struggling shop or business. One should not sacrifice shop insurance coverage quality in exchange for a lower premium. It may seem like a good business choice, but there should always be enough coverage to keep the company from having to close its doors due to fire, theft, or a lawsuit.

Saving money on policies and premiums seems to be the most important priority, with coverage quality following close behind. Because of this, it is important to shop around for the best policy between competing companies and agents. This type of comparison will give the shop owner the leverage to acquire the best deal possible, for the best coverage possible.

Combination policies are growing in popularity also, offering a discount for multiple policies on one business. The policy holders are awarded with a discount in exchange for carrying all of their policies with one company. These combination policies are becoming more customizable and are a great way to get more for less.

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