Business Insurance Guide for Starters

​It’s a risk in business to face accidental losses, especially for start-ups. One significant loss financially may cause the closure of the company or an increased number of turnover. Hence, you must make yours adequately insured with business insurance.

Types of Business Insurance
Business insurance is comprised of different types depending on your needs. Some examples are commercial liability, commercial property, workers compensation, and commercial auto insurance. All of these types fall under the commercial property or casualty insurance category.

• Commercial Liability Insurance. This type of insurance protects your business from getting sued by clients, customers, visitors, and other members of the public. This involves the third-party covering all expenses that is filed by anyone other than the insured. There are three types of liability insurance: general, umbrella, and errors and omissions liability.
• Commercial Property Insurance. This type of insurance protects your company from damages in physical assets like buildings and equipment. You can claim the payments directly to your insurer in case this happened. There are three types of property insurance: commercial property policy, business income, and extra expenses, inland marine, and crime insurance coverage.
• Workers Compensation Insurance. This type of insurance is required in most states. It is composed of two parts. The first one includes the employer paying all the benefits mandated by law, and the second is the employer liability, which protects your business against lawsuits filed by your employees.  This type of insurance is specially made to protect employee's rights. 
• Commercial Auto. This type of insurance is mostly applicable if your business uses commercial autos. It covers your cars, trucks, and private passengers from liabilities and damages. This is primarily helpful if your business runs delivery or shipping services locally. 

How to Know Its Cost
To know the typical cost of your business insurance, these are the factors you have to consider:

• Nature and number of years your business
• Losses history of your company and the location of your business
• Type of coverage you want to get
• The insurers and insured involved

Conclusion
The first step in getting your business insurance is to look for a trusted company to take care of your business. You can talk directly to insurers, brokers, or online companies. Since it is a crucial situation, identifying the factors carefully is important.

At Keith Sanders Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (254) 235-8185 or Click Here to request a free quote.