Protect Your Business With These Vital Insurance Policies

When you’re the owner of a business, you have a lot of responsibility on your plate.  Many different things could go wrong at any given time, and you have very little control over most of them.  Insurance, however, is built to add protection for those unpredictable situations.

Be a wise business owner, and make certain that you have the most suitable insurance coverage to protect all aspects of your operation.  Here is a brief overview of just a few of the most significant types of coverage you should invest in as a thoughtful business owner.

Liability Insurance

As a business owner, your operation is liable for any damage caused by your product, professionalism (or lack thereof), or property.  The cost of misfortune in the area of liability can be pretty expensive.  

Professional, product, and general liability insurance are all crucial aspects of safety for your business operation.  Don’t be afraid to invest financially in a well-crafted insurance policy.

Property Insurance

Property insurance should be in place to protect the physical things that help keep your business afloat.  Should a burglary occur or your property that facilitates production is wiped out, you need assurance that your business will be able to move forward.  

When investing in property insurance, make sure you understand what it covers.  Most insurance policies won’t cover destruction caused by earthquakes or floods.  If you are conducting business in an area prone to these issues, get specialized coverage.

Workers’ Compensation Insurance

Workers’ Compensations Insurance is a must for any business owner who employs more than three individuals.  In most states, it’s against the law to neglect this insurance policy. It’s better to be safe than sorry, so just assume your workers’ comp insurance is a necessity.  

Commercial Auto Insurance

Not every business needs to carry commercial auto insurance for obvious reasons.  If your business does require your professionals to drive a vehicle, you need to have provisional coverage.  

When workers are on your watch, they’re safety is your responsibility.  Protect the safety of your business and your associates with a solid commercial auto insurance policy.  

Errors and Omissions Insurance

Errors and Omissions Insurance really falls under liability, but this type of insurance is especially necessary.  You can’t always control the activities of your employees, and sometimes they go rogue. Sometimes laws get broken due to incompetence.  Either way, you are liable.

Errors and Omissions is also commonly referred to as professional liability insurance.  If you, or someone representing your business, fails to provide the right information or fails to perform their responsibilities in some other way, your business could be liable for financial reparations.  Invest in a fitted insurance policy to provide the right coverage for your business.

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Tim Spafford

Tim Spafford

Tim is a student who works hard to get a degree in finance and build a successful career in business consulting. Being a student and living in London Tim has a real-life experience in budgeting, saving, money making, traveling and having fun.