We know that you put everything you have into your business – your money, your sweat equity, and your time. At Lewis Insurance Agency in Sandy, Utah, we want to help you protect your investment and your family. Whether you are just starting out or looking to expand your current coverage, we will work with you to find the best insurance for your business.
What Is Business Insurance?
Business insurance protects you by reducing financial loss that may occur while operating your business. Most business owners would be unable to recover after a significant financial hit to their business. Even if you are wealthy, it is wise to acquire business insurance to protect yourself from having to cover losses related to your business. There are several types of business insurance, and your business may need one or more types of coverage. The primary types of coverage are general liability insurance, key-person insurance, and product liability insurance.
Do I Need Business Insurance?
It is highly recommended that small business owners carry some type of business insurance. If your business has employees, the law requires you to carry workers compensation and unemployment insurance. If you do not have employees, you should consider carrying at least liability insurance and property insurance. In the event of a lawsuit, liability insurance will help cover legal fees and any settlement money that is to be paid out. It also covers costs related to medical bills if you or someone else in injured at your place of business. Property insurance protects your physical assets, including money, in the event of damage or theft.
If you run your business from home, you should review your homeowners insurance. In most cases, you will need additional coverage to protect your home-based business. Any physical property related to the business – computers, inventory, supplies, etcetera – should be covered in your policy. As far as liability coverage, you will likely need a policy separate from your homeowners insurance. We help you determine what kind of policy you need to cover your home-based business.
How Do I Know I’m Getting The Best Insurance?
At Lewis Insurance Agency, we know firsthand the costs and risks involved with running a business. We take pride in working with fellow business owners to find them the best business insurance for their unique business. Come in and let us review your portfolio so we can find the best coverage for you.
