Do you run a small business thats dependent on sustained customer interest or seasonal business to stay afloat? You may want to consider looking into business income coverage. Although its not as common as other types of business insurance, income coverage can help your company account for lost income that may result from unexpected circumstances. Here are some of the main benefits.
You’ll Be Better Prepared for Sudden and Unexpected Business Disasters
Any company thats small and doesnt have significant cash reserves may depend on a steady stream of income to survive, so any interruption to that income can pose serious problems. Unfortunately, many unexpected events can have this negative impact, including:
- Natural disasters that cause physical damage to your property
- Serious theft, vandalism or other damaging incidents that may force your facility to close temporarily
You Can Protect Several Aspects Related to Your Business Income
Fortunately, business income coverage helps companies cover expenses related to these events that might otherwise have caused a financial disaster. Some of these aspects include:
- Loss of profits that you would have otherwise expected
- Recurring fixed operating costs and other expenses
- Sudden operation-related expenses needed to stay afloat through the disaster recovery period
- Moving and temporary relocation costs
Every small business that relies on constant income may want to consider business income coverage to help mitigate the unexpected. Consider whether this crucial insurance would be helpful to your company.
If you own a semitruck, then you understand how important it is to carry insurance; however, you may not know how to protect yourself from all the risks you encounter while using it for work. Here are three lesser-known types of semitruck insurance that might be a good fit for your situation.
1. Trailer Insurance
Trailer interchange insurance covers damages you inflict on a trailer that belongs to another party, and with whom you have a written agreement. Non-owned trailer insurance is a similar policy that applies to any borrowed trailer hitched to your truck, regardless of any written contract.
2. Crime Insurance
A motor truck cargo policy pays to replace freight that is stolen or vandalized under certain conditions, such as when it is inside a warehouse. If you are concerned about potential theft by employees, a crime insurance policy is a good supplement.
3. Commercial Property and Equipment Coverage
Commercial property insurance covers damage or loss of a company’s belongings. However, it generally applies only to non-mobile objects. Items that drivers take along in the truck require additional protection by equipment insurance.
Your insurance agent may not have told you about all the unique policies designed to protect your semitruck. Ask which ones are right for you today.
As the owner of a cemetery, you are responsible for helping people lay their loved ones to rest with as little stress as possible. Despite their somber nature, cemeteries have to deal with the same risks as any other business. There are many things that can go wrong and you need to make sure you have cemetery insurance in case something happens.
Coverage for Negligence
Unfortunately, mistakes that cause damage to others and their property can and do occur all the time at cemeteries. For example, let’s imagine a scenario where snow is not cleared off the walkway at your cemetery and someone slips and falls. If this person is injured, you are liable for their medical bills which could potentially be extensive. Cemetery insurance would cover these costs and help keep your business afloat.
You also need to have insurance in case someone’s property gets damaged while on your cemetery. For example, say someone’s casket gets damaged while it is on your property. You would be liable for the damage to the casket and you don’t want to have to pay for it out of pocket. Cemetery insurance would cover this and save you a lot of money.
Owning a cemetery comes with a lot of risks just like any other business. Having the right insurance coverage can make all the difference.