Searching for the right business insurance package can get complicated for new business owners. With so many options available, it can be difficult to truly know which ones are necessary. Although your agent can help you decipher exactly what to include in your policy, you should expect to at least carry workers compensation, general liability and commercial property coverages. Here’s what you should know about each.
Workers compensation may be an optional coverage depending on where your business is located. However, it’s a highly recommended coverage even if you have just one employee. Work accidents happen at the least expected times, and you don’t want to be the one responsible to pay for legal or medical fees if you’re found liable.
General Liability Insurance
Quite possibly the most popular of the three, general liability insurance provides financial protection in case a non-employee experiences either bodily injury or property damage because of your business activities or products. Liability coverage provides reimbursement for any fees involving attorneys, settlements or judgments.
Commercial property insurance provides protection for your building, furniture and equipment. Some policies will even reimburse you for potential revenue that you missed out on as a result of your damaged or lost property.
Whether you’re looking into workers compensation, general liability or commercial property insurance, there are often sub-coverage’s within each that meet the specific needs of certain industries. Make sure you talk to your agent about customizing your policy to meet your exact needs.