Malicious claims, property damage, employee injuries. These are a few of our least favorite things when it comes to owning a business. In fact, if underinsured, just one of these mishaps can be the difference between a thriving business and a closed one. According to FEMA, nearly 40 percent of small businesses will never reopen following a disaster. A windstorm or hurricane, for example, can cause tens of thousands of dollars in damages. Add your loss of revenue during a period of repair and many small businesses just can’t foot the bill unless insured. Don’t let mother nature — or accidents resulting in a legal case — be the reason you close the door on your dream job.
Though there are many policies out there, here are three ways to insure your milspouse or veteran-owned business to protect it against the unexpected:
- Business Property Insurance – Do you have a lot of money invested in equipment and inventory for your business? And what about the money you’re paying to shelter these assets? Saving money upfront to pass on property insurance will cost you more in the long run should something happen. If there’s a fire that damages furniture inside your building, property insurance can help replace it. If someone breaks in and steals both your business and personal electronics, property insurance can help replace them. If high winds break windows or cause other damage to your business’s structure, property insurance can, you guessed it, help replace or fix those damages.
- Business Liability Insurance – As the old adage says, “Accidents happen.” No matter how careful you are in your policies and procedures, your business is susceptible to accidents that can affect both employees and customers. Having liability insurance will help cover costs such as attorney fees, medical expenses, and any other costs that can incur from on-the-job misfortunes.
- Workers’ Compensation – Workers’ Compensation insurance covers medical costs and a portion of lost wages for an employee who becomes injured or ill on the job, but it also protects your company from being sued by employees for workplace conditions that can cause an injury or illness. Required in nearly every state, Workers’ Comp laws are designed to ensure payment by employers for some part of the cost of injuries or occupational diseases.
Since MilHousing Network is committed to helping milspouses, veterans, and their families, we’ve partnered with Armed Forces Insurance to ensure our milspo-preneurs and vet-preneurs are getting the coverage they need to thrive beyond the military. Set yourself up for success by contacting them today to learn how you can get your business insured.