4 Essential Types Of Insurance Coverage For Your Business
Whether you are starting a new business or just looking to improve upon your current business's security and safety, insurance is an integral part of that. There are a wide range of different insurance policies and coverages you can get for your business, but these are among the most important.
General Liability
General liability is typically the first insurance policy that businesses will get. General liability includes different areas of coverage, including premises liability and products liability. This means that if a product you sell causes illness or injury to a customer, general liability should help cover any legal costs associated with a claim. It also covers accidents that occur on your business premises, such as a customer or client slipping on your slick floors and breaking an ankle. Medical and legal costs should be included.
Property
While general liability does have some property coverage, it is limited. To have the best coverage for your business property, you should consider purchasing a separate commercial policy. This is great to have if extreme weather conditions, vandalism, or natural disasters cause damage to the external property or any contents inside your building. It covers everything from the building itself having issues from a major storm, like broken windows or torn roof materials, to covering damaged electronics, computer equipment, and inventory inside the building.
Workers' Compensation
Every business with at least one employee should have a workers' compensation insurance policy. You might even live somewhere that requires it by law. With workers' comp, your employees have medical coverage if they get a work-related injury or illness. However, it also helps to protect your company. If you have a roofer that works for your construction company that falls off a ladder and breaks a leg, and you don't have workers' compensation to take care of the medical costs, they can sue you. However, the workers' compensation provides a certain level of protection against these lawsuits.
Theft and Cyber Crimes
It is a good idea to also get an additional policy to cover theft, vandalism, and cyber crimes. Cyber crimes would mean someone is hacking into your computer system and possibly stealing financial information. It protects you from these damaging attacks. It can also protect from shoplifters and theft, as well as employee-related crimes against your company. Take a look at your general liability policy as it might have some theft coverage as well.
Contact an insurance agency like Knepper Insurance Group for more information.
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