Businesses, compared to individuals, are exposed to more risks every day. That is why every business needs to have specialized Business Insurance in order to protect its assets. Lawsuits related to accidents or injuries happening at your business can be severe enough to wipe it out. To protect against dangers, a variety of different coverages is available specifically for business owners.
Professional Liability Insurance
If your business offers professional service or gives professional advice, Professional Liability Insurance will protect it in the event of negligence claims due to harm resulting from errors or poor performance. Every industry has their own set of parameters to consider in order to have a customized policy created.
Business Property Insurance
Having a Business Property Insurance protects your business property and is relevant if your business leases or owns its space. In the event of storm, fire, theft, or other accidents, the insurance policy will cover signage, equipment, furniture, and inventory. There are accidents not covered under the policy, so make sure to consult a licensed independent agent in case you need to purchase a separate policy for flood or earthquakes, for example.
Workers Compensation is a must for every business that has employees other than the owners. It will protect your assets in the event of work-related employee injuries or disabilities. Even if the employees perform relatively low-risk jobs, there still might be accidents like slips or falls that can result in pricey claims if the business is not covered.
If your business owns vehicles, you should fully insure them to protect the business against liability claims with Commercial Auto Insurance. You might purchase only liability insurance to protect against third-party claims or comprehensive insurance to protect your own vehicles. Our licensed independent agents can help you find the type of insurance and the necessary coverages that are right for your business.
Business Interruption Coverage
After a covered accident, your business activities might be interrupted. To prevent loss of income, Business Interruption Insurance will compensate for the assets lost because of the interruption. This type of insurance is particularly relevant for businesses that require a physical location for their operations.
These are just several types of insurance coverages that the businesses need in order to protect themselves from various risks and exposures. However, different industries have to select insurance coverages depending on their needs. Speaking to a licensed independent agent will help you to find the policy appropriate for the specific needs of your business.