The Business Insurance You Need for Your Bakery

As a small business owner, you have one goal. That's usually to establish your company and bring customers into it. Yet as a business owner, you face risks every day. If you are planning to open a business such as a bakery, you'll need business insurance that keeps your company moving forward, while protecting it from many of the risks that you face. How do you plan to protect your assets? Take into consideration a few of the key business insurance needs you have.

Protecting Your Assets

A bakery can have a large number of startup fees and costs. You may be purchasing or leasing a building. You may be investing in a great deal of equipment, including ovens and prep tables. Then you have a large amount of inventory and computer systems to operate your company. Business insurance can protect all of these aspects of your company.

Protecting Your Employees

Workers compensation insurance may be necessary depending on the size and scope of your company. It helps to pay for any losses brought on by employee accidents or illness occurring as a result of working for you. It may be required under law as well. In addition to this, you may need to purchase disability insurance. It is a requirement in some areas, including California, New Jersey, Hawaii, New York and Rhode Island. Some businesses may also need to provide medical insurance to their employees. Unemployment insurance is another factor to consider.

Protecting Against Risks

Nearly all bakeries will need to have liability insurance. It can help to cover your costs if customers fall while they are visiting, you it may even help cover a product-related concern. If you do not have this coverage in place and you face a lawsuit, you could spend thousands of dollars trying to recoup the losses.

Starting a bakery is an exciting adventure and definitely one you should take on in many cases. However, you'll want to invest in protecting your business every step of the way. The right business insurance makes this possible. Customized plans should meet your individual needs, minimizing risks associated with your business. Work closely with your agency to find the right combination of coverage.