3 Types if Insurance Your Business Needs. As a business owner, it’s important to make sure your business assets and employees are protected. This is crucial regardless of your industry. No matter what sector your business is in, it’s important to take note of the risks and cover your liabilities. When you own a business, there are a few different types of insurance you should be sure to get.
General liability insurance helps protect your business from liabilities resulting from injury or property damage. It’s common to have these kinds of incidents happen in any kind of business, so it’s important to make sure you’re covered. You don’t want to have to pay for these kinds of expenses out of your own bank account. It can help pay for a customer or client’s medical expenses if they slip and fall in your business, legal costs to defend your business in a lawsuit, and any fees from a client’s lawsuit.
Workers’ compensation insurance helps pay for expenses for any employees who get sick or injured while working. A high OSHA incident rate can hurt your business in various ways. Workers’ compensation insurance is mandatory in most states. Noncompliance with state regulations can result in fines, criminal charges, and other penalties. Workers’ compensation insurance can pay for their medical bills, replace lost wages, cover funeral costs, or pay for ongoing care such as physical therapy. Workers’ compensation can also help cover any legal fees if an employee sues you.
Commercial Property Insurance
Commercial property insurance is extremely important. This type of insurance helps to cover expenses related to your business’ building and equipment. It can help pay for repairs or replacement of any business assets that are lost or damaged in certain situations. For example, it can help cover things lost in fires or burglaries. However, not every situation is always covered under this kind of policy. Floods and earthquakes, for example, often require another type of insurance. Commercial property insurance is also important if you run a business out of your home, as it can provide coverage over things that homeowners insurance doesn’t cover.
Choosing what business insurance you need can seem overwhelming, but it’s important if you want to keep your business and employees safe. Insurance agents can make sure that you are legally compliant with any regulations that might apply to your business. Once you figure out what insurance your business needs, an insurance agent can help craft a policy that aligns with your needs and budget. This way, you can make sure you and all aspects of your business can be covered without spending too much.
When you’re a business owner, it’s important to have all your liabilities covered. Check out all our business insurance offerings to see how we can help!
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