Opening a business is an exciting time. While you’re brainstorming future ideas to maximize your income, it’s important to consider the future risks. Even a minor accident could cause serious harm to your business. Consider the benefits of purchasing commercial insurance. Commercial insurance protects your investment. There are multiple types of commercial insurance available, so you should be able to find coverage that aligns with your business need.
To help guide you through the process, here’s a look at some essential commercial insurance policies.
General Liability Insurance
One of the most important lessons to remember as a business owner is that you could be sued at any moment. Liability disputes are on the rise. General liability insurance covers you in most situations. The coverage protects your business against issues arising from property damage, personal injuries, and bodily injuries. You are covered if a customer alleges that you offered them faulty products or if you are accused of performing negligent service. Your legal fees are covered so that you can simply focus on protecting your business. General liability insurance also covers all the necessary property repairs and potential medical bills if your business is held liable for causing damages.
Almost every state requires business owners to purchase some level of worker’s compensation to legally operate their business. Worker’s compensation insurance covers your employee’s medical treatment if they are injured in the workplace. Worker’s compensation also covers your employee’s lost wages while they work on getting healthy. In serious cases, the policy also pays out a death benefit to the employee’s loved ones. Freelancers and independent contractors are eligible for worker’s compensation benefits. If one of your employees is injured on the job, they will be asked to visit an approved health care physician. After the injury has been diagnosed, your employee will likely file a claim. Having a strong worker’s compensation policy lets your employees know that you care about their well-being and value their contributions.
Commercial property insurance covers all your essential work equipment. The policy helps repair and replace any equipment that is stolen or damaged. The policy also covers any physical damage to the fixtures and office space. This gives you peace of mind if your property is damaged in a fire or another type of natural disaster. In the serious event that your commercial space is destroyed, the policy may step in to cover your business until the place is rebuilt. This gives your business a layer of protection that you will still be able to make payroll and meet other expenses until your office is rebuilt.
Business Owners Policy
If you’re the owner of a small business, a Business Owners Policy may be the best fit for your budget. A BOP offers multiple types of commercial insurance under one policy instead of buying them separately. Most BOP contains property insurance, general liability insurance, and business interruption insurance. You can also customize your policy to add extra coverage.
Consult With Family Financial Insurance Group
Obtaining a strong commercial insurance policy is a great investment. You could potentially lose everything if your business is unprotected when disaster strikes. Contact our agents here at Family Financial Insurance Group. They will assist you if you have any questions regarding your commercial insurance policy.