Business Insurance

Business Insurance Protects Your Business

Your business needs protection – no matter if it is a large or a small business. Business insurance provides financial protection for you, the owner, against risks such as a lawsuit, injured employee, partner death, or a natural disaster that damages your business.

Business insurance minimums are determined by the state in which your business is located. Most states require a business to have worker’s compensation insurance, unemployment insurance, and disability insurance. This insurance is an expense, but without them you could face fines from your state and court settlements in the event of some incidents.

If cars or other vehicles are used in the operation of your business, then you also need commercial vehicle insurance. If you need a loan to purchase the vehicles, then you’ll need certain kinds of insurance to protect the investment the loan covers.

You’ll also want to protect your personal assets by creating a limited liability corporation (LLC). This is just as important as having business insurance coverage.

To protect your business and its assets, you should research different policies. Choose one that will best benefit the kind of business you have.

General liability is the least type of business insurance you should have. More is better, but general liability should be a must. Legal issues from injuries, accidents, and negligence claims are common and usually covered by general liability. Other covered expenses include costs associated with libel, slander, medical expenses, property damage, and lawsuits.

Having professional liability insurance might be a good idea as well. It protects you against negligence claims that can arise from providing a service. And product liability insurance can protect against financial losses from products. All doctors need malpractice insurance, which is basically professional liability insurance.
Commercial property insurance protects property owned by your business in the event of fire or other disaster. An all-risk policy or a risk specific policy is your best bet.

When you decide to start a business, contact an insurance agent to determine what kind of business insurance you should have.