3 ways casualty insurance can save your business.

According to the Institute for Business Home and Safety, 25% of businesses don’t reopen after a disaster or business interruption. As a business owner, you should minimize the financial risks your business faces. While you may consider some risks acceptable, there are other losses that could seriously harm your business.

Casualty insurance protects you by covering losses that result from direct accidents.

Have you kept up with your business’s changing needs?

Why small businesses need casualty insurance:

  1. Property Insurance. This insurance is designed to protect you against most risks to property such as fire, theft and some water damage.
  2. Liability. Liability insurance will help protect you from a number of risks – like unintentional harm or negligence – above and beyond physical damage. There are three types of liability insurance:
    • General liability: Covers libel, slander and any injuries that occurred on your property.
    • Professional liability: Covers mistakes that are made on the job.
    • Product liability: Protects your business against lawsuits and helps cover recalls in the event that one of your products was manufactured with a defect that caused harm to an individual.
  3. Vehicle Insurance. Vehicle insurance is designed to protect a driver’s car, truck, motorcycle and other vehicles against losses sustained from events like traffic accidents.

 

Before investing in any type of insurance, make sure you do your research. Visit our property and casualty page to learn how Northwest can help you address your insurance needs.

Insurance: Not FDIC Insured. Not Bank Guaranteed. May Lose Value. Not a Bank Deposit. Not Insured by Any Government Agency.