How Property and Casualty Insurance Helps Manage Your Small Business Risks
Posted by: Insurance Place by: May 22, 2015
Property and casualty insurance has been helping businessmen since the Middle Ages, when bankers provided loss-guarantees for merchants against pirates and high-seas storms. Chances are low these days that an eye-patched ruffian will be the source for a property loss for your small business, however, property and casualty insurance persists to this day.
As a San Diego small business owner, you may have specific needs for what you need to protect (or protect from).
Lower Your “Risky Business” with Property and Casualty Insurance
Owning a small business involves certain risks—risks such as occasionally spending money to make money. Although you can think of many other places to put your hard-earned dollars, you may need to splurge on a new set of computers. Or fix the drywall. Or print up new business cards. These “risks” aren’t exactly going into a storm without a sail, but in the small business world, they can make a major impact.
Now imagine if something damages your new equipment. Without property and casualty insurance, you’ve just wasted a good bit of cash. Because the “property” part of property and casualty insurance can provide protection for your physical goods in the event of a disaster.
Basically: If you have enough property and casualty insurance, any business “risks” you make that include acquiring new goods aren’t really risks at all. They are covered by your property and casualty insurance.
Protect Yourself from Legal Liability Claims
Having protection for your physical goods is great—but what about liability claims?
Say you invite a big potential client onto your business premises. When enters the building he trips over a crack in the floor—a crack you’d been meaning to fix for weeks. A scenario like this could lead to a liability claim, where you have to pay for his hospital bills.
This is where the “casualty” in property casualty insurance comes in. Like many other forms of business liability insurance, property casualty insurance can help cover the costs when you can’t really afford to pay for someone’s liability.
Practice Safe San Diego Business with the Right Insurance
We have outlined just a few reasons for how property casualty insurance helps manage and minimize your small business risks. There are many more: providing coverage from business interruption and workers’ compensation to name a few. However, property casualty insurance at its most basic is a great idea for any business in need of San Diego insurance.