Business Insurance Policies
Business insurance protects a company's assets. It protects these assets from being depleted following accidents, injuries, or lawsuits that could ruin the business. If you don’t have insurance for your business, then you are putting your business in jeopardy.
All Business Owners Needs a Policy
Business owners, especially of new businesses, are often unsure if they need a policy. But any business should have a policy before the business officially opens. Even business owners who work from home need a business policy. This is because home insurance does not cover company assets. If a person sues the business, then home insurance will not help at all, but business insurance can. This coverage becomes even more important when employees are hired, an office is rented, or vehicles are purchased for commercial use.
Make sure your policy grows with your business. As your business grows, your insurance needs may change. Have a policy that will fill gaps in your coverage as they become apparent. Each new business move you make exposes you to new risks. Riders and add-ons that you might need to add include commercial auto insurance, group health insurance, workers' compensation insurance, and product liability insurance.
Every business should at least have basic coverage. This can be as simple as a policy that protects company property such as an office, heavy duty equipment, and supplies. A basic policy will also cover liability issues. It is important to have liability coverage. For example, if an employee, client, or bystander is injured on company property, then your liability insurance should cover some or all of the medical expenses. It will also provide financial assistance for theft, vandalism, and minor legal cases.
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