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Business Insurance

BUSINESS Insurance – Customer-friendly

Having the correct business insurance policy in place is one of the best things that you can do to protect your company and your employees. Not only is an uninsured company illegal in many situations, but a single mishap could destroy the business that you have worked so hard to build. Before you open your doors, take a look at the basics of commercial insurance and exactly what it will cover.

Who Needs Coverage?

While it is prudent for every business owner to have some form of insurance in place to protect their assets, it is not required by law in every situation. The only business owners that are not legally required to have insurance are those with a sole proprietorship and no employees. Even with a startup, however, a single accident that results in a lawsuit could actually jeopardize the owner’s personal assets without the proper insurance in place.

General Liability

A general liability policy is the most basic form of coverage for a new business. They protect the company from any expenses that come about as a result of bodily injuries, property damage, slander, libel, and lawsuits. Owners may wish to expand this coverage to product liability or professional liability insurance as well. Product liability insurance protects a company from any financial losses due to their products being unsafe or not working as intended. Professional liability insurance protects a company from malpractice, errors, and negligence.

Commercial Riders

A rider is designed to extend your current business insurance policy without purchasing an entirely new policy. It is a great way to fill in any gaps in the company’s coverage as new risks are presented. As employees are hired on, business owners will need to consider group health riders and workers’ compensation insurance. If you purchase a company vehicle or use a private vehicle for company purposes, then you will need a commercial auto policy as well.

No matter the size of your business or the industry that you are in, it is always prudent to explore your insurance options before opening your doors to the public.