As a business owner, it’s important to ensure that your assets are protected from the unexpected. While there are several types of insurance available for businesses, you want to be sure you have the right coverage for your unique needs. If you aren’t sure which insurance types your business should have, here are some of the most essential types of coverage that most businesses need to protect their assets and be prepared for the unexpected.
Liability insurance covers your business if you have issues with your product or services that result in bodily injury or property damage to a third party. It can cover everything from medical expenses to attorney’s fees and reputation damage. Having this insurance is vital for all business owners regardless of size, industry, or tenure.
If your business operates a vehicle as part of its operations, then having auto insurance coverage is a must. This insurance type can protect you and your employees while they are using company vehicles and can cover your business in the event of an accident.
This insurance type is necessary if your business employs a staff and can cover you if one of your employees is injured while on the job. This coverage can cover wage replacement, medical expenses, and attorney’s fees. If you have employees and don’t invest in workers compensation insurance, your business may face hefty fines so be sure you’re protected and obtain this valuable coverage.