How Business Insurance in Memphis, TN Helps Your Bottom Line

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Protecting your business investment with insurance is a critical part of owning a business. It minimizes the risks associated with unexpected events, including liabilities and losses. As with all types of insurance, knowing and finding the best insurance for your needs is no easy job. It helps to be cognizant of the fact that business insurance in Memphis, TN can help your bottom line in many ways. Whether you are just starting a business, or taking on employees for the first time, or evolving your business structure, there are many variables to consider. Let’s look at the main ones:

1. General Liability Protects Business Earnings
This insurance broadly covers the business and protects you from the legal hassles associated with accidents, injuries, and claims of negligence. With this coverage in place, your business’ earnings are safe if a lawsuit claim goes against you. The insurance coverage will pay the liability claim instead of you diverting your business earnings to pay the debt.

2. Commercial Property Insurance Protects your Savings
This coverage protects your business savings in the event of a loss due to a wide variety of disasters, including smoke, fire, severe weather, vandalism, etc. If your business property is damaged, and that loss results in lost income, business interruption, and the need to replace items, buildings, computers, documents, etc., the insurance coverage will pay. You won’t have to drain your business savings to cover the loss.

3. Home-Based Business Coverage Protects your Home
The typical homeowner’s insurance policy does not cover home-based business losses. In some cases, you can add on certain property damage riders to your homeowner’s policy. It is best, however, to purchase an additional policy to cover those risks, especially for general and professional liability which can’t be covered by your homeowner’s policy. If you have a home-based business, protecting the business assets separately from your home assets can help you save money when a loss occurs.

Business insurance is a tricky topic because there are such a wide variety of insurance policies available. Working with an experienced business insurance broker means having someone to help you navigate the options and choose the coverage you need.

Call The Nowell Agency Inc. at (888) 539-6218 to talk about business insurance in Memphis, TN. You can also request a business insurance quote online.