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“Business Insurance: Why You Need It Before You Need It”

Disclosure: This is a sponsored article on behalf of AFI & SoFluential Media.

After a busy week at the shop, I looked forward to going home, crawling into bed and indulging in my favorite junk foods while catching up on tv shows. Finally a three-day weekend with no commitments, business obligations  or military and kid functions!

But wait…

After a blissful three days of being the most unproductive mom boss on the planet (no apologies given), I returned to work feeling refreshed and ready to slay the day away. That feeling, however, quickly vanished as I heard the sound of running water immediately upon entering the building. I was terrified because I knew the only water source was upstairs, and as I crept to the back of the store the sound of running water got louder. I opened the door and there was a giant hole in the ceiling. There I stood in a puddle of water surrounded by piles of wet boxes covered in pieces of insulation.

Unbeknownst to us, there was a leak in our upstairs AC unit. The ceiling couldn’t withstand any more water, and so it came pouring into our inventory room. Yes, all of the cute things were damaged.

As a business owner, I recognize the logistical challenges and the enormous amount of time and money that go into getting a business off the ground. Be sure to protect your investment by insuring your startup survives unexpected problems that may arise in the course of operations.

Even if you don’t have any employees and work at home from your dining room table, insurance may save your company from a devastating blow. The Small Business Administration website explains the various kinds of insurance and why you might need them.

Your business will need to be insured to protect you and your staff, customers and products against any number of unfortunate scenarios such as theft, fire or onsite accidents. You will want to talk to an insurance professional to find out which types of insurance you will need for your boutique, but below you’ll find the most common ones:

Business Premises and Contents Insurance

This will cover your actual boutique and contents. If you rent space, the landlord/owner typically pays for insurance on the property.

General Liability

General liability insurance covers injury to clients and employees on your premises or elsewhere, either in the performance of duties for the company or activities involving the company.

Life, Disability, Accident and Illness Insurance

This type of insurance provides you with a source of income if you should become seriously ill or disabled and unable to run your business. It also provides for your family in said circumstances if you are their main source of income.

Business Interruption or Loss-of-Income Insurance

This will allow you to continue paying the bills if your business is closed down by damage due to fire, flood, or other catastrophe.

Partnership Insurance

Partnership insurance protects you against suits arising from actions taken by other partners in your business.

Workers’ Compensation Insurance

Workers’ compensation insurance covers employees’ medical and rehabilitation expenses, as well as their lost wages resulting from an on-the-job injury.

Bottom line….

Business insurance is the single most important purchase you’ll make when you start your business. Because of the often-close relationship between your business and personal assets, having adequate insurance can be the difference between surviving or not.

Sponsored: When purchasing business insurance, there are many great companies to choose from, like Armed Forces Insurance (AFI). Do yourself a favor and get covered. Click here to learn more about AFI and its insurance offerings.

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