Your business is you investment and your life, so it only makes sense that you would want to do your best to protect your investment with best insurance coverage available. Business insurance should be an essential part of any business operation – an absolute necessity for protecting your assets, employees and your own income.
What type of coverage’s would you need? We insure it all!
Commercial business insurance policies need to be developed to cover the need of each particular business. There are many different factors that determine what coverage you’ll need and what rate you’ll pay, such as the type of business, where you operate your business either from a commercial building or your home and if you have employees.
Below are the most common types of business coverage that small businesses need:
Property insurance: Property insurance will protect your buildings, equipment, inventory and other contents.
Liability insurance: If customers visit your business, you will need general liability insurance. This type of coverage protects your business in the event a customer is injured on your property. It also pays your legal fees if you are involved in a lawsuit because your product or service causes harm to someone. If you provide services that could cause financial loss to other’s, you should also obtain professional liability coverage.
Commercial auto: If you are not properly insured a commercial auto insurance claim could destroy your business. If you or any of your employees drive a company-owned or personally owned vehicle that you use in the course of business, you definitely need commercial auto coverage.
Workers’ compensation: If you have employees, you will need workers’ compensation insurance. This insurance will cover medical expenses and lost wages arising from illnesses or injuries to an employee caused by their work.
Business interruption: If your can not operate because of a covered property loss, business interruption insurance will cover your income lost during the downtime.
Disability insurance: If you own a small business, a disabling injury or illness could be financially devastating. Several income protection options are available for business owners, including business overhead expense insurance, key person insurance and bank loan disability insurance.
Health: Health insurance is important for you and your employees. Based on the size of your business and the federal Affordable Care Act now in place, it’s important that you understand your responsibilities as an individual and as an employer.
Life: If your family relies on your income, life insurance will provide money they will need if you meet an untimely death. Also, many lenders will require you to obtain life insurance before giving you a business loan in order to protect their investment.
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