Understanding Which Type of Insurance You Need as a Business Owner

Business owners have a lot of considerations to make before their company is fully operational. While you’re considering business location, name, colors and office décor, give equal thought to the type of commercial insurance policies you’ll need to keep your doors open.

Property Coverage

Property coverage is one of the most obvious and essential types of insurance protection your business needs. This particular type of coverage safeguards any business equipment you use in addition to the products you sell. Depending on your policy, your property insurance might also cover equipment breakdowns and debris removal.

Liability Coverage

What’s unique about liability commercial insurance coverage is that there are a few different types, including professional liability, general liability and product liability. Talk to your insurance agent about which types of liability will be the most beneficial to your business.

Employee Coverage

Your employees are part of your business, which means you’ll need to protect them as well. In addition to the standard workers compensation coverage, you might also want to look into getting employment practices liability coverage for situations where employees take legal action against you and your company.

Data Compromise Coverage

More and more business is done electronically and with the use of computers. Unfortunately, technology is susceptible to hacking, viruses and the like. If any information is ever stolen or accidentally released, data compromise coverage could be your saving grace.

Set aside the proper amount of time and funds for commercial insurance during the beginning stages of planning your business.

This post was written by , posted on March 18, 2015 Wednesday at 3:00 pm

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