Summit Insurance Advisors
by on Mar 21, 2018
It’s no secret that there are risks involved with starting, growing, and maintaining any business; while some risks are unavoidable, others can be lessened or avoided altogether with the right precautions and protection. This is precisely why insurance is so important to businesses of all sizes. One drastic event could be enough to kill a business at any point. You need to protect your investment with a variety of insurance coverages, and you need policies in place as soon as possible. Following are three of the most important types of insurance you’ll want for your business:
Workers’ Compensation Insurance
This type of coverage is the first that many people think of for businesses. From the minute you hire your first employee, this needs to be added to your policy. In the event that an employee is injured or dies on the job, this will cover medical treatment, disability benefits, and death benefits, if applicable, sparing your company most or all of the liability. Even if you run an office, you need workers’ compensation insurance coverage; carpal tunnel syndrome claims can become very pricey, for example.
Professional Liability Insurance
Another important addition to make a part of your insurance portfolio is professional liability insurance. This coverage is going to cover your business against negligence claims as a result of harm due to failure to perform. This is also called errors and omissions insurance. You’ll want to make sure that your policy addresses the specific concerns of your industry, and that it is customized for your business.
Regardless of whether you own, rent, or lease the space on which you operate your business, you absolutely must have property insurance. This is the big plan that covers your equipment, your products and inventory, your office supplies, your furniture, and your signage if there is ever a fire, storm, or a theft that strikes. Do take note, however, that mass-destruction happenings like earthquakes and floods are not usually covered under this type of insurance. Many providers offer flood insurance and earthquake insurance as extra additions, so be sure to check with your insurer to price a separate policy for those, if you’re interested.
While these are only three of the top types of insurance available to protect your business, there are many others you may be interested in, as well. Vehicle insurance, product liability insurance, and business interruption insurance are a few more that you may want to consider. For more information on any of these types of insurance, and to receive free insurance quotes online from top providers, contact Summit Insurance Advisors today and protect the business you work so hard to grow.
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