Something to consider if you're trying to decide whether you need business insurance: What would happen if your business is damaged by fire?

A fire can destroy everything. Most businesses can't afford to repurchase all their equipment. So, it's important to have enough business property coverage to repurchase all your tools, equipment and furniture.

Even if you accidentally cause a fire, and you lease instead of own the building where you do business, you are almost always liable for rebuilding the interior or even the exterior of your space. That can be the death knell for businesses that don't have business insurance covering such damage.

If you have a business like a restaurant where not having a location means no income, then Business Income Expense insurance is vital. If you're unable to run your business due to a covered loss, business-income coverage insures your revenue will continue, paid for by your insurance company.

And, if you own the building you're doing business in, a fire can be even more devastating. Building codes are strict for commercial buildings. Rebuilding after a fire could easily mean hundreds of thousands of dollars in code upgrades. If the building is more than 20 years old, you'll probably be faced with mandatory additional expenses due to all the new building code changes.

Are you covered if fire damages or destroys your business? Call Mike Schmisek at 303-922-1001 or visit www.mikeschmisek.com to discuss any questions you have or to help tailor your business insurance to your needs.