What Kind of Business Insurance Do I Need?

Here are some of the most common forms of business insurance every owner should consider:

• Property insurance: This is a must-have for any business, as the cost of replacing everything on your shelves or in your store would be excessive.
• General Liability Insurance: This insures you against lawsuits and claims made by customers as a result of bodily injury, illness/disease, or property damage.
• Workers Compensation Insurance: If you have employees, the state requires that you have workers compensation insurance. This protects your business from being sued if an employee is hurt while at work.
• Commercial Auto Insurance: Commercial vehicle rates alone can cost thousands of dollars a year to insure— but add in a few claims and it could ruin your business. This insurance helps protects you from financial loss if your company’s vehicles are damaged, lost, or stolen.
• Umbrella Insurance: Personal umbrella policies can be added onto general liability policies to provide additional protection for large awards.
• Building Structure Insurance: If your building is damaged during a covered peril (such as fire, flood or earthquake), this policy can be combined with your property insurance to help pay for building repairs.
• Commercial Property Insurance: This helps replace your business’s lost income if you are hit by a covered loss (such as theft). It can also provide coverage for damaged or destroyed inventory and other business personal property that isn’t covered under other policies.
• Professional Liability Insurance: This covers you for errors, omissions or other deficiencies in your work as a professional (such as a doctor, consultant, accountant, etc.).

Making final determinations on what kind of business policy you need can be very tricky, so it’s best to get help. Our team can talk you through the options and help you make smart choices on which kinds of coverage your business needs. Click below to set up your free consultation today, and let’s protect your investment together.