23 Dec Insurance Policies That Boost Your Small Business
Owning a business means being financially responsible. This means being fully prepared if an accident or other type of emergency occurs. There are four primary commercial insurance policies to consider when you start a new business. Having these insurance plans in place will ensure that your business can survive a financial emergency if one should happen to occur. This article tells you how you can boost your business with an insurance policy.
Property insurance covers any property owned by the business. If your property is damaged or stolen, your property insurance will cover it. This includes damages to buildings, equipment, and inventory. Maintaining a complete inventory list at all times is essential if you ever plan on filing a claim against your insurance. This list should include photos of large pieces of equipment as well as their model and serial numbers. This is a necessary insurance policy for boosting your business.
General liability insurance is essential because it protects you from financial hardship if someone has an accident or is injured on your business’ property, and they decide to sue you. This will cover the claimants’ medical expenses and any time they may have to miss work due to the injury. General liability also covers other types of liability, like minor lawsuits and various types of damages. It also gives your company peace of mind when it comes to financial security. Liability can take many forms. With a general liability policy, you know you will be fully covered.
Professional liability covers you on a professional level in terms of both product liability and skill. For example, if you own an auto repair business and accidentally damage a vehicle you are working on, your professional liability insurance will cover the cost of the repairs. This type of liability provides coverage if your services or materials are faulty in any way. Depending on the type of business you operate, you may need to have both general and professional liability in place before you even open the doors. Certain companies will not give you their business unless you can provide proof of insurance.
Workers’ Compensation Insurance
Unless you plan on self-insuring your company, almost every state requires that a business with employees have a Workers’ compensation insurance policy. This ensures all workers are sufficiently covered if they are involved in a work-related accident while on the job. This type of insurance pays for your employee’s medical expenses as well as their lost wages from missing work. Medical expenses for work-related injuries can be quite costly and may last for years. An adequate workers’ compensation policy can help you protect your business.
An insurance policy for boosting business is essential if you are a start-up or have been a seasoned business owner for many years. If you have questions about your business and what types of insurance you will need to protect it from financial loss, call and talk to us at Kevin or Marci at your earliest convenience. We have all of the information you will need to ensure that your business is financially secure and protected from loss on almost every level.