Are you the proud owner of a business? Do you have the right types of insurance? The following are some of the most important types of insurance types your business needs now.
Professional Liability insurance
This type of insurance is also known as errors and omissions insurance, or E&O. This will cover your business in the event of a negligence claim. Every industry has different concerns and they will be addressed with a customized policy written specifically for your company.
Worker’s Compensation Insurance
Even if you believe your business is extremely low-risk for injuries, you still need workers compensation insurance. This will cover medical treatment, disability and death benefits in the event an employee is injured or dies as a result of his work with your business. Obviously this is the last thing you want to happen, but unfortunately accidents do occur and you need to cover yourself and your business in the event that one does happen on your watch.
Business Owner’s Policy
Every business owner needs a business owner’s policy. Why? It includes business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. What you include in your business owner’s policy depends on the type of business you have the needs you have. Often times you can save money when buying a business owner’s policy because it is a bundle of services as opposed to buying each separately.
Commercial Auto Insurance
This insurance protects the company vehicles that carry employees, products or any equipment used for your business. The insurance covers to cost of any damage done to or by the company vehicle as well as any injuries that may be sustained by the car. According to Forbes, even if you do not own company vehicles, but employees drive their own cars on company business you should have non-owned auto liability. This helps to protect the company in the case that an employee is not insured or underinsured.
As you begin to grow your business, make sure you have all of the right insurance types in place. It may seem like extra work right now, but in the end, you will be glad to have all of your bases covered! You will definitely want to have worker’s compensation insurance, a business owner’s policy, commercial auto insurance and professional liability insurance.