Make Sure Your Business Has The Right Insurance Coverage

Running a business comes with risks that can wipe you out unless you have the proper insurance coverage.

The type and extent of insurance can vary significantly by profession. That’s why it’s important to know your options, find the right agent, and settle on coverage that meets your specific needs.

While there are main categories, the needs of doctors, hair stylists, and online merchants can vary significantly. It’s also important that you comply with requirements that might be specific to your state and profession.

While businesses with employees should have workers’ compensation, unemployment, and disability insurance, other main coverage types include:

• General liability insurance that protects against financial loss due to libel, slander, medical expenses, and property damage.
• Professional liability coverage against loss due to negligence, malpractice and errors. This can be tailored by industry.
• Product liability insurance to guard against defective products.
• Commercial property insurance to cover a business against things like fire, storms, and vandalism.
• Home-based business insurance that can be added to your homeowner’s policy.
• Other coverage can range from vehicle insurance to data breach coverage to business interruption insurance.
• A package called a business owner’s policy that combines multiple coverage options into a bundle based on your needs and can save you money compared to carrying a variety of policies.

When considering your business insurance needs, it’s important to find an agent who knows your industry and who you can trust.

A good agent can work with you to make sure your coverage meets your business needs and financial requirements. Take the time to assess your needs and study insurance types, then get recommendations about agents who could meet your needs.

It’s quite likely that your requirements will vary over time, so be sure to work with your agent periodically to review your coverage and modify as necessary.

Don’t wait until it’s too late. Find the right insurance coverage today.