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The Importance of Appropriate Business Insurance Coverage

  Mike Menerey, Partner, CFO Edge, LLC  
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  Article Summary  
Business insurance coverage is critical to the survival of any company, and yet it is one of the most frequently overlooked areas. While there are many different kinds of business insurance and forms of coverage to be utilized, all serve to protect the business, its cash flow and its inherent value from catastrophic losses.

This CFO Edge article reviews types of business insurance that can include coverage for real property, intellectual property, legal liability, employee theft, business interruption, and errors and omissions.

Also discussed is the risk vs. cost debate with suggestions related to assessing coverage requirements and prioritizing needs. The article notes that it is possible to mitigate premium costs while still ensuring coverage of vital areas.

While business insurance coverage may sometimes seem like a non-essential luxury, it is, in actuality, a vital component in the preservation of your business’s long-term health. Business insurance coverage not only protects your business against potentially catastrophic losses, but also improves investor confidence by providing enduring stability.

When reviewing business insurance coverage, it is often difficult to assess potential risks and coverage needs internally. In such cases, an external provider like an outsourced CFO services firm can help you identify any exposures and point to any outstanding insurance issues that should be addressed.

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