Who Is This Insurance For?

Any business owner would be wise to include insurance in his or her business plan. Home business operators should be aware of their homeowner’s policy coverage and whether or not small business activities are covered in order to ensure maximum protection.

How Does it Work?

Business coverage works in a similar way as homeowner’s insurance. The difference is what is protected and covered by the policy. For example, business owned inventory would not be covered by a homeowner’s policy in the event of a catastrophe.

Different Types of Coverage

Liability coverage is a must for every business. Regardless of the services or products you offer, there is always a chance that your business will face a lawsuit. There are different types of liability coverage. These include basic liability, product liability, and professional liability. Depending on the specific area of your business, liability requirements may be mandated. This would include medical practices and could also include contractors. Other businesses may not be required to carry liability insurance, yet it is always important to protect your business and employees.

Businesses with employees are required to carry workers’ compensation coverage in every state but Texas. In the event that an employee is injured in the workplace, this insurance helps to cover expenses as the employee recovers.

Property coverage provides protection against loss of business assets. This could include a building, product inventory, tools, etc.

Business automobile coverage protects company-owned vehicles in much the same way that a personal automobile policy does.

Major Benefits

Business owners invest a significant amount of money and time into their companies. A business insurance policy helps to provide protection against losses or lawsuits should the unforeseen happen. In general, an uninsured business is at constant risk, and business coverage can provide the owner with peace of mind, knowing the business is protected.