If you own a wholesale or retail business whether big or small, insurance is an incredibly important thing to have. Insurance can protect you financially from many of the unexpected surprises owning a business can bring. From fire to lawsuits, business insurance can provide you with the means to protect you from disaster and help get you back on your feet.

Wholesale and retail businesses deal with pallets and boxes of merchandise, and as you can imagine, the potential for loss of merchandise, as well as employee accidents, is there. Insurance can help you deal with some of the consequences that can potentially take place.

There are several insurance providers that will insure a business and you might already be familiar with them. Insurance companies also give you a wide range of options when it comes to picking the policy that’s right for you. This way you’re only paying for what you need which can keep overall costs low. Because of this, there’s really no excuse to not have insurance. It provides a safety net for when the worst-case scenario hits.

Companies that offer personal insurance for individuals also offer business insurance policies as well. Companies like Progressive, State Farm, and Geico all offer business insurance, and applying for them is easy. Many of these insurance companies offer application for insurance online at their website, and every one of them will offer you a quote depending on the type of coverage you need. Many even make it very easy to speak with an agent directly from their site.

The amount you pay for insurance and the coverage that you’ll have varies depending on your business, the policy, and the insurance company. Your business type and location are a couple of factors the go into deciding the price of your insurance. You may pay less for your insurance if your business is well establish, and your insurance may cost more depending on how many employees you have.

The most basic type of insurance to have is liability insurance. This type of insurance is usually the cheapest because it’s so bare bones. Liability insurance will protect you when customers have accidents and/or become injured. Liability protection will also protect you from lawsuits by paying legal fees and settlements. This insurance only covers others and their property. In order to protect your own property you will usually have to pay for more coverage.

Almost every insurance company that offers business insurance offers BOPs (short for Business Owners Policy). BOPs are shorthand for when different coverages are all bundled together into a single policy and is best for businesses that have employees, brick and mortar stores, or use specialized equipment and gear.

A BOP will usually have coverage for property damage and theft. This coverage will protect your commercial building as well as any personal property you leave at the business. It’s important to note that this coverage isn’t available with simple liability insurance. Also covered is business income interruption. If an event forces you to close you business, then the insurance can pay you for lost income generated, employee pay, and rent.

Many insurance companies such as Progressive will also give you the option professional liability insurance and workers’ compensation insurance.

Insurance policies are flexible so that insurance doesn’t have to cost an arm and a leg. With that said, make sure you resist the urge to skimp out on paying for the coverage you need. A single disaster can destroy years of hard work. Insurance acts as a safety net to make sure that doesn’t happen. So make the right choice and get business insurance.

If you are renting a booth at your local flea market, or a space at a local shopping mall, you should inquire as to whether you are covered by any of their policies, or whether you need to have your own policy.