All entrepreneurs must manage risks that might put them out of business. Natural disasters, fires, and theft are a few risks that could force a profitable business to close its doors for good. Fortunately, a good business insurance company can help businesses manage their risks to help prevent disruptions and financial losses. According to AdvisorSmith, an online insurance resource, the average cost of general liability insurance is between $365 and $1,700 a year. This is a small price to pay compared to crises that could impact your business. Keep reading to learn why every business needs insurance protection.

Protect Against General Liability

Many businesses have customers and other visitors on their premises. Those people might suffer mishaps due to dangerous conditions that cause injuries, damage to personal property, or both. Commercial liability insurance can cover such risks so businesses can stay profitable. The coverage can also protect against other types of business liabilities, such as defamation lawsuits or judgments against your business.

Cover Product Liabilities

If your business manufactures something with a mechanical flaw or design defect that causes harm to someone, your business might be liable. Even if your business doesn’t manufacture anything, it might be liable if it’s a wholesale or retail distributor of a defective product. A business insurance company can underwrite a policy for product liability to protect against indirect liability for a defective product that causes injury or property damage.

Insure Errors and Negligence

A small business that provides customers with a service, such as financial, legal, or medical care, might make a mistake that causes injury or harm. Professionals are human and prone to error, no matter how well-trained and experienced they might be. Professional liability insurance protects professionals against errors, omissions, and negligence that might trigger liability issues.

Protect Your Business Property

All businesses need insurance coverage for the brick-and-mortar structures that house them. Commercial property insurance protects these structures and the property inside. The protection extends to any entrances, drives, or parking areas that might be part of the business property. It also might cover business equipment and inventory against losses caused by power outages, natural disasters, and other events.

Now that you know why it's so important to invest in a business insurance company, you're probably ready to partner with one. Look no further than Columbus Insurance Services Inc. You can call us today to get started with a free consultation!