Don’t put your business at risk, get the right amount of insurance

Insurance is one of the most important needs for a small business, yet it’s one that many owners skimp on. Whether it’s business interruption insurance or casualty and property coverage, owners tend to forgo it or not get enough, even though doing that can put their companies and their livelihoods at risk.

Another problem is that business owners don’t re-evaluate their insurance needs as their companies grow – it’s easier to just pay the premium and get that item off their to-do list.

Claire Wilkinson, a vice president at the Insurance Information Institute, a New York-based trade group, said one of the biggest lapses is in the area of business interruption insurance. This kind of coverage, which you might need to buy separately from a standard business insurance package, can be critical after a natural disaster, fire or power failure that shuts your business down. Business interruption insurance covers lost profits and operating expenses, such as salaries, that must still be paid even when a company can’t operate.

Joyce Rosenberg

Full Story: http://www.sltrib.com/business/ci_3817767