Business Insurance

Business Insurance

Business insurance is an umbrella term that encompasses several types of business insurance policies. These policies are designed to meet the needs of different types of businesses. In general, coverage can include options such as property insurance, liability insurance, worker’s compensation, commercial auto.

Does Your Business Need Insurance?
Most businesses should have some sort of insurance protection. If you have more than 4 employees, then you’re required by law to have worker’s compensation insurance. If you own business property, you should have protection in case of an incident such as fire or vandalism.
A business that owns its own vehicles will need commercial auto insurance. So even if coverage isn’t mandatory, your business benefits from having protection.

Liability is the most important type of coverage any business can have. As a business owner, you’re always at risk of dealing with liability issues. Someone could sue your business following a slip and fall in your store. Someone could accuse you of manufacturing a faulty product that caused them harm. In either case, you could be found liable for paying thousands of dollars in damages.

Getting the Coverage You Need
There’s not a set group of options that every business owner needs. Aside from liability, each business differs in the type of business insurance it needs.

As mentioned earlier, a business that relies on vehicles would need auto commercial insurance. Collision coverage, comprehensive coverage, and uninsured/underinsured coverage are options for businesses in need of auto commercial insurance.
When searching for a policy, consider the needs of your business. Do you have inventory that needs coverage? Do you have expensive office equipment that could use protecting? Speak with your insurer so you can determine what coverage is best for your situation.

You’ll need separate policies for natural disasters such as earthquakes and floods. So if you’re concerned about those incidents, speak with your insurer about getting coverage.