If you are considering a new business venture or recently opened your first business, there are some important insurance decisions to consider. Business insurance protects you from accidents, natural disasters, and unexpected costs.
Common Types of Business Insurance
General liability insurance – One of the more important coverages a business owner can buy. It can help with the cost from third party bodily injury and property damage claims that a business may incur. It can help pay for legal costs, witness fees, and evidence cost and possible judgments or settlements.
Professional liability insurance – Is another liability policy that provides coverage against losses incurred because of errors and omissions in the performance of your professional service.
Commercial property insurance – This coverage provides protection for your business property, such buildings, tool and equipment as well as inventory, against covered losses you may incur.
Business Income insurance – A type of property coverage to help replaced loss income for a covered loss that prevents you from conducting normal business operations. It may also provide coverage for extra expenses that you may incur to get your business back up and running.
Business owner’s policy – A policy that combines property and liability coverages into one bundle to help simplify the insurance buying process. This insurance is great for most small business owners as it helps keep all of the coverages in one place! Making it easier for small business owners.
Home-based business insurance – Is type of business owner’s policy but designed for certain small home based businesses.
Commercial auto insurance – Do you or your employees use a vehicle in your business? This coverage helps protect against work-related auto accidents by providing liability, first party benefits, and possible coverage for damage to your vehicle.
Workers’ Compensation – A coverage that is required by law in most states. This coverage provides benefits to employees for work-related injuries or illnesses including medical care, wages from lost work time and more.
The first step in determining the type of coverage you need is to assess your risks. Each business is different and will have different insurance needs. Feel free to contact us, we will be happy to help you figure out what insurance coverage best fits your needs and budget!
We are a Trusted Choice independent insurance agency in Collegeville, PA providing auto, home, business, life, health and group insurance in PA, DE, MD and NJ.