When Does It Make Sense to Get Business Insurance?

Starting a side gig like mowing lawns or landscaping, might not immediately bring liabilities to mind. Many people simply do the job, earn some extra cash, and don’t think much about potential risks, such as property damage or theft. However, some business owners take the precaution of transitioning from a sole proprietorship to a limited liability company (LLC). While this shift can protect them from certain business debts and fines, it doesn’t cover all possible liabilities. That’s where business insurance comes in. For your Jackson, MS, company, business insurance provides broader protection, safeguarding your business from a range of liabilities, debts, natural disasters, theft, and even some lawsuits.

What Is Business Insurance and When Do You Need It?

Understand the advantages of business insurance in Jackson, MS, and learn how to get the right coverage. Here are some fundamentals to help you:

1. Business insurance protects your company. Few people or enterprises have enough money in their bank accounts to cover a lawsuit. Business insurance will do that. It helps with financial losses and liabilities from employee illness and injury, property damage and vandalism, income losses, theft, fire, and lawsuits such as those related to customer injuries or product defects. It also provides financial protection from natural disasters like hurricanes, floods, and earthquakes.
2. Business insurance offers a range of coverage options, providing flexibility to cater to your specific business needs. An insurance policy is not a one-size-fits-all solution. A plumber’s needs differ from a landscaper’s or a daycare. Some businesses may find cybersecurity coverage beneficial, while others may not need it immediately. Common policies include general liability, workers compensation, commercial auto, and commercial property, giving you the power to choose what’s best for your business.
3. Two questions to ask when considering business insurance. If you’re unsure whether now is the time to act, ask yourself two questions:
   
   1. Do we have property, including inventory, computers, or other equipment?
   2. Do we have a reasonably strong potential of getting sued?
4. The sooner you get insurance, the better. The best time to talk with an insurance broker is when you are ready to go into business. They can sit with you to discuss your needs and provide options that fit your situation.
5. There are instances when you should get coverage or update existing policies. Some of the best times to get a new policy is when you:
   1. Renew an existing policy. You can compare your current rates to those of other companies to find the best option.
   2. Hire or lay off employees. When your team changes size, your coverage may need an adjustment.
   3. Relocate your business. Your needs will change when you lease or buy a new property.
   4. Buy new equipment. You will need to adjust your insurance coverage whenever you buy new equipment or get rid of old ones.
   5. Offer new products. Any new products affect your inventory and can change your assets.
   6. Significant income changes. The amount of income your business brings in will affect the amount of coverage you need.

Protect Your Enterprise with Quality Business Insurance

Ensure your company, employees, and clients are well covered with business insurance from Hawsey Insurance. Our team is ready to help you with quality coverage for your enterprise. We will sit with you, assess your current policies, find any gaps, and offer options to get you the protection you deserve. Please take advantage of our decades of experience helping business owners like you with your insurance needs. Call us today!

Call Hawsey Insurance at 601-856-7707 to request a quote for business insurance in Jackson, Mississippi. Feel free to contact us online or make an appointment to stop by our Madison, Jackson, and Southaven, MS offices.