Once a person starts his own business, he has already subjected himself to different risks. These risks include possible losses, debts, damage to property, etc. How do you protect yourself from these risks in your business? The answer: get yourself business insurance. So how do you get one? First, you need to evaluate your business’ needs based on probable risks. It is imperative to have the right insurance for your business. Below are some of the types of Insurance that each business should have. Professional Liability Insurance
It insures against negligence claims that result from errors or failure to accomplish. There is no one-size-fits-all professional liability coverage. Each industry has its own set of concerns for such disclosure. Property Insurance This insurance protects equipment, business signages, inventory, and fixtures in the event of a fire, hurricane or robbery. Events like floods and earthquakes are generally not covered under regular policies. If your business stands on these prone areas, it is best to talk to your insurer about these concerns. It is highly recommendable that you put it up for another policy. Product Liability Insurance It works to protect a business from possible litigations and complaints. These charges must have resulted from the damages caused by one of the products. It has coverage that can be customized specifically for each product. Workers’ Compensation Insurance It covers medical treatment, disability, and death benefits for employees. It is applicable when an employee gets hurt or dies on-duty. These employees gets a certain share of their wages while they are getting treatment off work. Each state has different regulations and policies regarding such. Business Interruption Insurance It reimburses a business for its lost revenue during incidents that disrupted the normal course of business. This type of insurance applies to businesses that require a physical location to do business, like retail stores. Vehicle Insurance This insurance covers company vehicles to protect businesses against liability if an accident should occur. Businesses should get complete coverage through comprehensive insurance. It is highly recommended for such, but if the business is still starting, it should protect against third-party injuries, at the very least. Home-Based Businesses If you're running a home-based business, it is best to inquire about additional coverage and protection for your equipment and inventory. 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.
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