August 19, 2020
Agency
What Are The Options With Business Insurance?
Business insurance covers your assets and cash flow in the case of a covered peril. Purchasing business insurance protects both commercial assets and personal wealth. 
Here’s more information on the types of business insurance you should consider buying.
What Type Of Business Insurance Should You Buy?
Talking to an agent helps you understand the types of coverage available. The coverage you ultimately buy depends on your specific needs. For instance, general liability commercial insurance covers incidents that occur at your business location or while you are working at a job site — such as at a client’s home. Professional services coverage shields you from the financial ramifications of errors and omissions. If you own a transportation-related business, you’ll need commercial auto insurance.
Types of Business Insurance
Consider the following types of business insurance when making your decision:
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Professional Liability Insurance. Also known as errors and omissions insurance, this covers you for negligence claims against you or your employee. This coverage kicks in when you or your employee fail to perform or make mistakes that cost a client to lose money.
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Property Insurance. You should consider property insurance whether you lease or own your business location. This pays for signage, inventory, equipment and furniture in the event of a fire, storm or theft — as well as any covered peril. You will need to buy separate insurance for earthquakes and flood damage.
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Workers Compensation Insurance. This coverage applies to your employees. It pays for disability, medical treatment and death benefits if your employees are injured or become ill as a result of work-related activities. This includes slip-and-falls, which are a common source of injuries in the workplace.
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Home-Based Business Insurance. Many businesses begin humbly in entrepreneurs’ homes. However, your home insurance coverage doesn’t cover business activities.
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Product Liability Insurance. If you design or manufacture products, product liability covers you if someone claims they were harmed while using the product.
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Vehicle Insurance. Consider commercial insurance for your work vehicle or fleet.
Talking to an agent can help you understand the types of coverage that are right for your business. Be sure to purchase enough coverage to avoid financial losses that could jeopardize the business you worked so hard to build.