Business Insurance Types

Business Insurance Types (And Their Benefits)

In the world of business, there’s a lot that depends on the size, nature, and style of your office. Regardless of what you do, however, you’re going to need the right coverage to cover yourself in an emergency.

Your business is important to you. Learn more about keeping yourself covered with today’s article on the benefits (and types) of business insurance.

General Liability

General liability coverage protects businesses from a variety of claims, making it a serious asset in an accident. Onsite injuries and negligence claims can spring up suddenly, and you’ll need coverage not to go out of pocket.

Pay for property damage and medical expenses, cover libel, or handle the legal costs of a faulty product. We live in a litigious age. There’s always a chance of an unexpected lawsuit. While you might not be prepared for it, general liability coverage can help with the fallout, whatever happens.

Workers’ Compensation

When it comes to business insurance, workers’ comp is actually a legal requirement in nearly every American state, and with good reason. For the uninitiated, this is insurance intended to cover medical costs and lost wages for employees who injure themselves or become sick on the job. This brand of insurance covers your business in the event of an onsite injury or illness, something which you can’t guarantee against but can be extremely costly, out-of-pocket.

Workers’ comp laws differ from state to state, meaning you’ll want to work with a professional to make sure you’re getting a package that covers you adequately.

Property Insurance

Property management is central to the operation of most businesses, as we go through the motions of renting, upkeeping, and safeguarding our offices and workplaces. These are places with a lot of utility to us, and suddenly losing access to yours can curtail your business operations in a big way. This is why it’s important to carry professional commercial property insurance.

Make sure you’re covered when you need to replace stolen equipment or make repairs. And if you don’t think this is a real concern, you’re probably not treating it with the seriousness it deserves.

Property insurance typically comes in two types:

all-risk policies, which cover a wide variety of potential issues
named-peril coverage, which protects businesses against specific high-risk problems

Professional Liability

Otherwise known as “Errors and Omissions Insurance,” professional liability cover protects businesses against negligence lawsuits claiming negligence. A lack of professional services, improper work, or major omissions.

This style of insurance is significant for service-based business. Mistakes happen, and clients tend to hold mistakes against us. Professional liability coverage helps us mitigate the negative impacts of production errors and misfires, and can prove invaluable in a pinch.