
Business insurance protects your company against losses that occur during the course of business. A big loss such as a fire or paying for an employee’s medical bills could cripple your organization. You probably can’t risk major financial exposure or self-insure your business. Therefore, you need protection. Many different types of liability insurance exist. Consider the needs of your business and your budget before buying coverage.
Types of Business Insurance
As a general rule, the Small Business Administration recommends that you insurance for anything you can’t pay for on your own. Some types of insurance businesses have to carry. Check your applicable federal, state and local regulations for requirements.
- General liability insurance can be used to cover any type of business. It provides coverage for financial loss of property damages, bodily injury of clients or vendors. It can also help you defend against a lawsuit.
- Product liability insurance is generally used by businesses that manufacture or distribute products. This type of coverage protects against a lawsuit for a defective product that causes an injury.
- Professional liability insurance is used by businesses that provide a service to their customers, such as…. Sometimes it’s called malpractice insurance. If you make an error or mistake that costs your client, this coverage protects you from financial loss.
- Business vehicle insurance is used only for a personal automobile that you sometimes use for business. If you have a commercial vehicle, you need a commercial policy. Your personal auto insurance may not cover you if you get into an accident while driving for business.
- Workers’ compensation insurance protects you if one of your staff members gets injured on the job. All states require it if your business employs someone, even family.
Tailor Business Liability Insurance to Your Needs
When buying the required insurance for your business, consider your specific needs. Get policies that cover the biggest risks. Review your insurance every year before automatically renewing policies. Use your insurance policies to boost your online marketing.
Suzanne Brown Insurance Agency
A Texas Independent Insurance Agency with over 100 insurance carriers
www.SuzanneBrownAgency.com
281-558-2210