Business Insurance

Business insurance serves three important purposes. It protects businesses, owners, and employees from certain mishaps associated with running a business. Starting a business is expensive, but it is even more expensive to not have coverage. Insurance provides peace of mind because it offers financial assistance if you are sued or your property gets damaged or destroyed.

What it consists of

A business owner can choose from several types of insurance. You need to discuss the details with an insurance agent to determine which policies are appropriate for your business.

Examples include General Liability Insurance to protect you from having personal assets taken if you owe following a lawsuit.  If you have an LLC or corporation then your assets should be protected by the business. But general liability insurance covers what is not protected.

If you manufacture products, then you will need Product Liability Insurance. This policy financially protects you from lawsuits in which injuries occur due to defective products. Industries such as manufacturing, wholesale, distributing, and retail are exposed to product safety issues.

Errors and Omissions Insurance is for dealing with malpractice or negligence. In certain states, physicians, lawyers, and people in related fields are required to have this coverage.

Any business that has employees must carry workers’ compensation insurance and unemployment insurance. Workers’ compensation provides financial assistance to employees who are hurt on the job and unable to work. Unemployment insurance provides assistance to employees who get laid off from a job. You should speak with a business lawyer to see which type of insurance you need for your business.

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