Every day, your business faces threats that can cost you significant amounts of money, or even destroy the business entirely. In some cases, even your personal assets might be at risk. Various types of business insurance can protect you from both man-made and natural disasters.
Property insurance. This is the most obvious type of insurance that you should consider, since it will protect your building, equipment, andalism.
Business interruption insurance. In the event of a natural disaster, property insurance will protect against physical losses. But what about the lost income, if your business is closed or unable to operate normally for a period of time? Business interruption insurance can protect you from these losses.
Liability insurance. An accident can happen at any time, involving either employees or customers, and medical expenses.
Consider both professional liability insurance, which protects service providers from claims of failure to perform or omission of facts, and product liability insurance, which protects you from claims that your products caused injury or property damage.
Disability insurance. What would happen if you were sick or injured, and unable to adequately do your job? Disability insurance would provide a buffer, so that you don’t lose your entire income.
Worker’ compensation insurance. Workers’ compensation insurance is actually required by every state, except in certain situations where you might be able to claim an exemption. Even so, every business owner should seriously consider this type of insurance. In exchange for workers’ comp coverage, employees give up the right to sue your company for incidents that cause an illness or disability.
Commercial auto insurance. Auto insurance can protect your business in two ways: First, if something happens to your work vehicles, you can replace it much more quickly so that normal business operations aren’t interrupted. Second, the liability portion of commercial auto insurance can protect you against lawsuits that result from employee actions while driving your vehicles.
Directors and officers insurance can protect your business for any actions that prevent your normal operations.
For information on the different types of business insurance available to you, give us a call. We specialize in helping business owners protect their livelihood and employees, so that you can continue working toward a bright future.