Business Insurance

Your Business Protected

No matter the kinds of goods or services you may be providing, not obtaining proper insurance coverage is definitely a huge risk for your business and for you and your family. Business insurance protects business owners from any number of risks, be it the death of a partner, an employee who is injured on the job, a lawsuit, some kind of covered natural disaster and from a myriad of other circumstances.

Each state government determines the particular mandates for business owners in their jurisdiction. Most states require companies with even just one employee to have workers compensation insurance, unemployment insurance and disability insurance. Depending on what service or product your business provides, your state may also mandate specific kinds of insurance for business purposes. An example would be businesses that have a fleet of vehicles might be required to obtain commercial auto insurance. Often lenders or even investors require certain kinds of coverages to protect their investments as part and parcel to their financial agreement with you.

Businesses that are LLCs (limited liability corporations) or are incorporated are in existence to protect owners and their personal assets from liability. However, it is important to note that neither structure will cover businesses from the many other types of losses, so some kind of business insurance is a wise decision in order to fully protect one’s company.

A myriad of different policies types are available to help business owners protect both their day-to-day operations and their assets. What might be best for you and your business will vary depending on what kind of a business you operate.

General liability insurance is what protects the business owner from legal entanglements that result from accidents on the job, and injury and negligence claims. It can help in providing compensation for bodily injury and medical costs, property damage, libel and slander and even the expense of defending one’s company from lawsuits or any judgments rendered from appeal. Product liability insurance is what protects one from financial loss that results from defective products that may cause injuries or some kind of harm. The amount of insurance one obtains is dependent upon the kinds of risk involved. Professional liability insurance, otherwise known as “errors and omissions” insurance, protects the business from negligence in the provision of service to customers.

Should your business be one as a doctor providing health care then malpractice insurance is a kind of professional liability insurance that is essential. Commercial property insurance can protect the owner from loss and damage of property resulting from anything from fire, smoke, wind, hail or rain to vandalism, theft and more. There are two kinds of policies available. One is known as an “all-risk policy” and it will cover many different kinds of incidents while “peril-specific policies” will protect your business from specific events like fire, flood, etc.

You’ve invested a great deal of time, money and effort into your business; it certainly makes sense to safeguard and protect that which is your livelihood.