Business Insurance

Many business owners have found themselves struggling to keep their company afloat simply because they did not acquire the right insurance at the right time. If you have begun the process of starting your own company or are currently running a business that is uninsured or underinsured, then here is a quick glimpse at what business insurance covers and how these policies can protect your company and its assets.

Starting With General Liability Coverage

At the very least, every single business must have general liability coverage before they open their doors. This form of coverage is extremely important as it will financially protect the company after accidents and injuries. This includes legal and medical bills if anyone is injured on your property or by one of your employees. There might also be some limited protection for claims against your company due to copyright and trademark issues.

Professional and Product Liability

The next component of business insurance that you will want to consider is either product liability insurance or professional liability insurance. Companies that provide their clients with advice or services will need professional liability coverage if their services cause harm of any type. Product liability insurance, on the other hand, will protect your company against legal actions if your products cause injuries or do not operate as intended.

Coverage for Owners and Employees

Most business owners will also want to consider bundling workers’ compensation insurance, commercial auto insurance, and health insurance into their existing policy. From the moment that an employee is hired, it is important to protect them in the event of a serious accident or injury. This form of coverage should be seen as an investment due to the fact that it will attract high-quality employees and then ensure their health and safety.

With the basics covered, owners should then take a look at their policy at least once every year. As your business continues to expand, your policy will need to evolve and cover any new risks that become apparent.