Safeguarding your assets is often understated as a key to continued business growth. Regardless of what industry you serve, there are inherent risks involved that, should they come to fruition, can stunt or even put an end to your business. That’s why it’s necessary to have the right amount of business insurance to shield your assets from these risks. Here are four fundamental insurance coverages that you should carry to protect your business as it grows.
General liability is probably the most common type of business insurance. In short, it’s designed to cover your business against lawsuits resulting from your business causing bodily injury or property damage to a third party.
Also known as errors and omissions insurance, professional liability is primarily for businesses who provide professional services. Doctors, lawyers and other consultants can protect themselves from “malpractice” suits with this coverage.
As the name implies, commercial property covers the assets that are needed to run your business. Buildings, equipment, landscaping, furniture and even electronic data can be covered under this part of your policy.
Workers’ compensation is recommended even if you have just one employee. In case of any injury resulting from business activities, this part of your policy will cover any legal or medical fees.
The right insurance coverage will help to protect your business so that you can focus on growing it. Work with your insurance agent to tailor your policy to make sure all your bases are covered.