Why Do I Need Business Insurance?
Whether your business is online, home-based, or corporate running a business is challenging enough and without the proper business insurance it will become even more stressful and costly. The good news is you can get the coverages you need tailored to your business.
Business Insurance Basics
Each business is different and will need specific coverages for that business. For example if you have a home-based business ran by one person, you will not need workers compensation, whereas a restaurant owner will need this coverage if their employees get hurt or sick on the job (we hope this doesn't happen), however if it does you want to make sure you are covered for life's mishaps. this is why Insurance is so important in many areas of our lives.
Different Types Of Business Insurance:
A General Liability Policy (GLI) covers your business when a claim has been made involving bodily injuries, property damage, and medical cost that developed from your products or services.
A Professional Liability Policy covers your professionalism and business from claims made involving your professional services. For example, if a client or customer decides that your services or advice is not adequate, they will seek consideration to recover costs, of other forms of loss.
A Workers Compensation Policy covers your employees medical, and wage benefits who are injured or become ill at work. This type of policy also pays for rehabilitation cost and pays death benefits to families of employees who are killed on the job. If you have employees, this coverage is HIGHLY recommended, and each state has their own requirements and rules around this coverage. Check with your state’s Department of Labor to find out more.
A Commercial Property Policy covers your business physical assets, such as your building, business property, and business equipment. Coverage from fire, severe wind, storms, explosions, burst pipes, theft and vandalism are available to you with this policy. Earthquakes and flood coverage is not automatically available with this policy; however, these coverages can be added and is recommended. A Home-Based business would also benefit from this policy. Commercial Property Insurance is also available in a BOP (Business Owners Policy).
Business Owners Policy
A Business Owners Policy (BOP) covers business liability and business property in one policy. Coverages in this policy include coverage for claims arising from bodily injury, property damage, personal injury, advertising injury, fire, theft, and other covered damages. Business owners can tailor this policy to meet the needs of their business which makes this policy a great policy for any size business.
A Commercial Auto Policy covers bodily injury, collision, and comprehensive, medical coverage, repairing and replacing company vehicles. This policy has higher coverage limits than a personal auto policy and offers coverages for business owner cars, trucks, heavy-duty trucks, and semi-trucks.