Is your business covered with the right commercial insurance?
All new business owners should familiarize themselves with the types of commercial insurance that they should carry. Dealing with insurance companies may not be the most fun thing to do but it’s probably the most important thing you can do for your new business. If you don’t have the right types of commercial insurance policies and your business is sued, all your efforts that you have put into starting your new business may be for nothing.
When shopping for cheap commercial insurance, there are three types that you should concern yourself with. The first type of insurance you should concern itself with his property insurance. This type of insurance policy is designed to pay for damage to your physical place of business from disasters such as fire. You should know that not all disasters will be automatically covered by property insurance policies. Some things that may happen to your business like flood damage is not likely to be automatically covered by standard property insurance. For businesses to be protected from flood damage, you’ll have to purchase and add on policy.
Liability insurance is the type of insurance that you should concern yourself with next. The most important type of insurance for a new business to have its liability insurance. If you or an employee makes a serious mistake that ends up hurting someone are causing them to lose money, liability insurance is the policy that will protect you.
New businesses should also have workers’ compensation insurance. The law may require that you carry workers’ compensation insurance for your employees if you have over a certain number of people working for you. To find out if your business is required to carry workers’ compensation, visit your local city offices. It’s a good idea to have workers’ compensation insurance for your business even if it’s not required. Businesses that choose not to carry workers’ compensation insurance for their employees are running a real risk. If one of their employees is injured, they will be on the hook for the employees’ medical expenses and lost wages. It may take only one injury for your business to go completely belly up if you don’t have workers’ compensation insurance.
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