Everyone knows you should get life insurance, auto home business insurance. Yet, does anyone actually know why?
Yes, Kelly Lee insurance is there to cover liabilities, acts of God, and other accidental damages that crop up from time to time in life. However, insurance serves a greater long term purpose. Insurance provides financial stability to your budgeting.
By making a life insurance policy the basis of your financial security, you ensure that your family will be covered in the instance of your death. You can then build your savings, investments, and future financial goals upon the knowledge that your family will be covered even if the economy tanks. This allows you to take calculated risks and over time become financially independent as your investments take hold.
The same is true for commercial trailer insurance and business insurance. Business insurance is the backbone upon which you build your company’s future stability. There are several instances which business insurance covers, and we’ll get into them below.
Instance #1: Liability Insurance Policies
Liability insurance is put in place to safeguard your business from the costs of claims filed against your company. Whether an employee or customer sustain a bodily injury on your property, your liability insurance will help you stay safe in the midst of a lawsuit. It will also allow your employee or client to be fairly compensated in the event that the company was at fault. While collecting on this claim could hurt your reputation with the insurance company, the coverage of liability is essential for keeping you in business if an injured party is badly hurt.
There are several liability programs on the market. These include, but are not limited to general liability, professional liability and commercial umbrella insurance. Each has its own policies and addendums to suit the type of industry you operate within and the kind of people you employ.
Instance #2: Employee Insurance Policies
As a piggyback off of liability coverage, businesses can also engage in Workers’ Compensation programs which provide employee benefits for those suffering from work-related injuries and illnesses. These not only help workers get back on their feet after the accident but keeps your business safe if an employee or their family member decides to sue you unjustly. As with life insurance, factors like job safety, claims history and the size of your payroll affect the rates you will receive. However, the higher premiums are likely worth it to ensure that you are covered in the event of an injury.
Instance #3: Property Policies
Property policies aim to protect your properties in the instance of a natural disaster or terrorist action. These events are impossible to predict. While your company should do everything in its power to make sure safety standards are up to code, no one can anticipate a freak tornado coming through and demolishing your infrastructure. In this case, 40% of businesses go under because they do not have proper property protection for acts of God. The world we live in is unpredictable. Your financial security depends on having a policy that protects against the unknown.
It is better to purchase insurance and find out you never needed it than to never have it and soon after discover that you need it.
The protection business insurance offers is not an invitation to be lazy with safety measures. Just like with life and commercial trailer insurance, business insurance is a security for your finances in the instance of the unforeseen and unpredictable. Allow Kelly Lee Insurance to share the options they offer on auto, home, business and commercial insurance so you can find the coverage that best fits you and the company you are building.