When a person runs a business, they have to be prepared for eventualities. While personal insurance protects the owner after work, business insurance protects them—and the company—during the workday and beyond. However, business owners may not know what’s covered. Below is a brief explanation of the most common types of business insurance, as well as each type’s benefits for business owners.
General Liability Coverage
Regardless of which type of business a person operates, general liability coverage is practical, and in some cases, it is mandatory. It can cover damage caused by a business to a third party, such as property damage and personal injury, and it can cover the legal fees connected to such claims.
Commercial Auto Insurance
If a company owns or operates service and delivery vehicles, it is important to cover them, just as a personal automobile would be covered. Commercial coverage from a local insurance agency is a good choice when a company has fleet vehicles or if employees use their own cars and trucks for work.
Property Insurance
From a small office to a large factory, every corporate-owned property should be covered by a comprehensive policy. Depending on the risks specific to the area, property insurance can protect equipment, real estate and inventory if they are damaged by theft, fire, flood, vandalism or other events.
Worker’s Comp
Even if a business doesn’t require its employees to engage in hard physical labor, there’s a chance for on-the-job injuries. If it happens, the company may be held liable for the worker’s lost income and medical bills. Worker’s compensation insurance can be added to a business policy to cover such claims while creating an agreement that employees will not sue the company in the event of an injury.
Life Insurance
As a business owner, a person likely spends a substantial amount of his or her own time, effort and money to get a business started. For new businesses, it might be quite a while before the owner sees a return on their investment. Life insurance can ensure that, in the event of the owner’s death, his or her family is supported.
The easiest way to determine which types of coverage to buy is to call a local insurance agent. An agent can walk a client through their options and help them figure out the best combination of value and protection. To set up a consultation, call the office or visit their website.
Business Insurance 