Business Insurance - What It Is And Why You Need It
If you're a business owner with a warehouse that stores your equipment or goods it's important that you have an appropriate business insurance in case something would happen like a flood or fire. You can find many horror stories out there that should help you make the right decision.
A warehouse that was employed as part of company to get rid of waste for the catering industry was totally destroyed in a fire in February 2010. Around $800,000 of inventory was destroyed and when you add in the worth of the place, the total cost will be about $1,000,000. It was a successful business that was producing a fantastic profit, however for what ever reason, the owner did not have a business liability insurance. The owner experienced bankruptcy and could do nothing as his entire business was lost.
Nevertheless some warehouses suffer fire or flood damage that doesn't wipe out the entire building and stock. Even a small amount of damage could cost a considerable amount of money though, from changing the lost stock or equipment, to planning the storage facility cleaning with the help of a professional industrial cleaning business.
A near miss took place earlier this month when a recycling facility was destroyed in Chicago. Everything in the recycling facility was destroyed, but a neighboring company actually managed to get away with absolutely no damage whatsoever. A spray painting and panel beating company due to open the following month was in a leased place backing onto the storage facility when the fire broke out. Fortunately absolutely nothing was destroyed, quite lucky without a doubt because the company owner had simply no business insurance!
Nonetheless even a tiny amount of damage could have wreaked havoc on the whole new business. Once again, it is the cost of cleanup and equipment and stock that can hurt the bank account of a modest business. A professional business experienced in builders clean, fire damage, smoke damage, flood damage, etc. needs to be employed for the clean-up operations. You'll also want to consider replacing the tools you need and making up for lost stock as well as all the time that you simply will lose.
It's recommended to look into a proper insurance plan that covers you for just about all aspects of damage which could accidentally happen at your storage facility or offices. Don't ignore what even a tiny fire or flood could do to your company in terms of time and costs.
A warehouse that was employed as part of company to get rid of waste for the catering industry was totally destroyed in a fire in February 2010. Around $800,000 of inventory was destroyed and when you add in the worth of the place, the total cost will be about $1,000,000. It was a successful business that was producing a fantastic profit, however for what ever reason, the owner did not have a business liability insurance. The owner experienced bankruptcy and could do nothing as his entire business was lost.
Nevertheless some warehouses suffer fire or flood damage that doesn't wipe out the entire building and stock. Even a small amount of damage could cost a considerable amount of money though, from changing the lost stock or equipment, to planning the storage facility cleaning with the help of a professional industrial cleaning business.
A near miss took place earlier this month when a recycling facility was destroyed in Chicago. Everything in the recycling facility was destroyed, but a neighboring company actually managed to get away with absolutely no damage whatsoever. A spray painting and panel beating company due to open the following month was in a leased place backing onto the storage facility when the fire broke out. Fortunately absolutely nothing was destroyed, quite lucky without a doubt because the company owner had simply no business insurance!
Nonetheless even a tiny amount of damage could have wreaked havoc on the whole new business. Once again, it is the cost of cleanup and equipment and stock that can hurt the bank account of a modest business. A professional business experienced in builders clean, fire damage, smoke damage, flood damage, etc. needs to be employed for the clean-up operations. You'll also want to consider replacing the tools you need and making up for lost stock as well as all the time that you simply will lose.
It's recommended to look into a proper insurance plan that covers you for just about all aspects of damage which could accidentally happen at your storage facility or offices. Don't ignore what even a tiny fire or flood could do to your company in terms of time and costs.
Source...