Searching for insurance coverage for your business can seem like a burden. However, given the risks of financial loss that comes with operating a business, having the right insurance coverage can be the difference between thriving and having to close your doors. From liability insurance to workers compensation, here are some of the key insurance coverages you should plan to include in your new policy.
Property insurance covers your business in case your property is damaged or lost. Whether it’s due to a fire, storm, theft or other covered event, your policy will cover the cost of restoring your property. Depending on your policy you may receive payments for potential revenue that you missed out on during the time your property couldn’t be used.
Liability insurance, in its simplest form, covers your business in case a third party claims that they sustained a loss of some sort because of your business activities. If a lawsuit is filed, your policy will cover the cost of any attorneys’ fees, settlements or judgments.
Workers Compensation Insurance
It’s not always required, but workers compensation is recommended if you have at least one employee. In case an employee is injured or becomes ill because of job-related activities, your policy can be used to pay for the employee’s medical expenses and lost wages.
As you go through your search, resist the temptation settle for the minimum coverage because of cost. Instead, work with an agent who can customize your policy to suit both your business and financial needs.