TUESDAY, AUGUST 10, 2021
Owning a Limited Liability Company — or LLC — can provide an owner with ample protection and legal organization. One of the main reasons individuals become an LLC is to minimize the financial risks of business ownership from impacting their personal finances. 
With this in mind, as an LLC owner, you’ll want to take every step possible to put in place a business insurance plan that further limits risks and puts your company in safe hands financially.
How Does Business Insurance Help LLCs?
It’s essential to have comprehensive business insurance regardless of company formation. When an incident occurs at your business, there will likely be an associated financial burden. It is very common for these incidents to lead to the closure of a company. Some businesses simply cannot weather this type of financial loss.
However, when a company — especially an LLC — has business insurance in place, the policy may cover the loss. This may eliminate direct risk to the company.
Customizing LLC Business Insurance
Companies should work closely with their insurance agent to create a customized insurance policy that offers protection for all of the risks that could impact their business. Here’s a closer look at a few examples.
-
Does the business operate in a building it leases or owns? Property insurance becomes an important protection here. It should cover the building structure, along with equipment, inventory, and other onsite assets.
-
Does the company operate a vehicle as a component of its services? If so, comprehensive commercial auto insurance is necessary. It provides protection for the vehicle but also provides liability coverage for accidents your drivers cause.
-
Does the company have employees? If so, your LLC may need employment practices liability insurance (EPLI), workers’ compensation coverage, and much more.
There are many other types of insurance coverage available for businesses today. With the right level of financial protection, your company can recover from a loss without having to shut down. As an LLC, you likely already have protection in place for many claims made against your business. However, that does not eliminate other risks.
The only way to do ensure complete protection is to purchase a comprehensive business insurance plan that can meet each one of your needs. Work closely with your insurance agent to make this happen.
We have coverage to meet your needs. Call C.J. Noel Insurance Services for a free Naples business insurance quote.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|