It is exciting to start a business; however, it is also a lot of hard work and opens one up to risk. It is very important to select proper business insurance coverage. Just one disastrous event or lawsuit could take down a business, especially a new one.
Luckily, having the right insurance policies in place will protect a business. Get policies in place as soon as possible. Talk to an agent to see which types of coverage your particular company needs.
What Types of Business Insurance Coverage Might I Need?
- Professional Liability Insurance: This coverage is different for every industry but protects a business against a negligence claim. This type of claim could occur if a client or their property was harmed because of a mistake or the inability to do the job properly.
- Vehicle Insurance: This is very important if company vehicles will be used. If employees will use their own personal vehicles, their insurance should cover them.
- Property Insurance: The policy will differ depending on if you rent or own a space, but the policy will not only cover the space, but also inventory, furniture, and signage. Keep in mind that most standard policies only cover theft, fire, or storm, not floods or earthquakes.
- Home-based Businesses: If running a business out of your home, talk to your carrier about additional coverage above and beyond your current home policy.
- Workers’ Compensation Insurance: This covers medical treatment, disability, and death benefits if an anything happens to an employee on the job.
- Product Liability Insurance: This protects you from a lawsuit pertaining to damages caused by your products.
- Business Interruption Insurance: This protects you if a catastrophic event occurs and your ability to do business is affected. It will compensate you for lost time.
