5 Insurance Policies You Need To Protect Your Business

In business, insurance is evermore important.  You could risk losing everything you’ve worked so hard to achieve, or you could invest in the proper insurance policies to protect your investment.  It’s a simple choice, really.  

If you’re not sure which insurance policies will best serve your business, you’re in the right place.  Take the time to read through some helpful information, featuring a few of the most vital insurance policies business owners need to protect their operations.  

General Liability Insurance

General liability insurance is what your business needs to cover the related costs that will arise should someone be injured on your property or should there be extensive property damage.  

For example, if a customer falls in your store, there will likely be a lawsuit to follow.  Once the fault is determined, you may be liable.  If you have the right insurance in place, the lawsuit may never have to occur. 

Workers’ Compensation Insurance 

When you run a business which employs other, you are liable for their well-being while they’re under your watch.  If one of your employees is injured to the point of no longer being able to work, they deserve to be compensated.  

There are exceptions to the rule, but a legitimate injury at work typically qualifies a person to file a claim for workers’ compensation benefits.  Your business is liable for carrying an up to date workers’ comp policy to account for said expenditures.  

Business Interruption Insurance

If you run a brick and mortar business, you have an extra set of worries.  Business interruption insurance will cover a few of those concerns.  

In the case of a catastrophic event or disaster, business interruption insurance will compensate business owners for time lost.  Lost income, manufacturing products, and other essentials will be reimbursed so business owners have a chance to regain stability.

Property Insurance 

If you run a business that commands the use of an office, production, or sales space, then you need property insurance.  Your property insurance will keep your business from suffering if there is a fire or burglary. Take head, and make sure you’re clear on the stuff your property insurance policy will not cover. 

Automobile Insurance 

If you have some employees which are responsible for utilizing a vehicle for the business, then you’ll need commercial auto insurance to cover the liability.  Your auto insurance will take care of the damages inflicted should one of your employees be involved in an accident.  

If you’re looking for a minimalistic stance on this issue, try cutting your insurance down to protect against third-party injuries.  Just keep in mind that it’s more effective and safer to invest in comprehensive coverage.