No matter what type of business you operate, you need coverage to protect your business assets, operations, and yourself from liabilities or claims that could be brought against you. The type of coverage you need will depend on how you do business and with whom. Here are four types of coverage your business will likely need.
1. Professional Liability Insurance
Your commercial liability policy will wrap all of your necessary policies together. One policy every business needs are professional liability insurance. This protects you from claims of negligence. Each industry will have its own tailored coverages specific to its risks.
2. Workers’ Compensation Insurance
If you have employees, you will need to have workers’s compensation insurance. This protects the employee as well as the business if the employee should become injured on the job.
3. Property Insurance
Whether you own or lease your commercial property, you still need to protect the contents. This policy could help you replace lost equipment and inventory if your business experienced a fire or other natural disaster.
4. Commercial Automobile Insurance
When your business utilizes automobiles, be sure to insure the vehicles as commercial vehicles to protect your business from claims. Choosing a comprehensive policy is wise if the vehicle is integral to your business operations.
Speak to an insurance professional to see if they have any other recommendations for your industry. There are many different policies that can offer you maximum protection when a claim against your business occurs.