Searching for business insurance can be a challenge for new business owners. The large number of coverage options combined with the confusing industry terminology can make it difficult to come up with an adequate policy on your own. That’s why working with a reputable insurance agency in Needham is the best way to ensure that your policy truly meets your needs. As you seek out assistance, here are three foundational coverages that you should plan to include in your policy.
Property insurance covers you in case your business property is damaged or destroyed by a fire, storm, vandalism or theft. Items that can be covered by your property insurance include your building, equipment, furniture, computers and your electronic data.
General Liability Insurance
General liability is probably the most popular form of business insurance. It covers you in case a lawsuit is brought against you by a third party claiming your business was responsible for them sustaining an injury or property damage. Your policy will cover any fees for which you’re responsible.
Worker’s Compensation Insurance
Worker’s compensation isn’t always required, but it’s highly recommended even if you have just one employee. In case of a work-related accident, your policy will cover any associated legal fees, medical expenses and pay for lost wages to the employee while they’re out of the office.
The above coverages are usually foundational to most business insurance policies. An experienced insurance agency in Needham can help you add the remaining building blocks based on your industry and business needs.