Business insurance is a safeguard for your livelihood, and by extension, your possessions and your lifestyle. Business insurance is a requirement, not a luxury, and in some cases, the law may require you to have a certain type and coverage amount, such as when dealing with workers’ compensation insurance.
Below are five types of business insurance you may need for your company, depending on the types of products and services you offer.
This type of business insurance is for companies that could be sued due to any errors or omissions which could prove negligence. This is a wide-reaching form of insurance that must be customized based on the industry. For example, a marketing company may need coverage in case of any accusation of copyright infringement.
Talk to our team here at Four Seasons Insurance for a quote built around what you need.
Business property can quickly grow in value when you’re adding equipment and assets to your arsenal. It’s essential to protect against a potential loss through comprehensive property insurance, which covers damages in situations involving fire, storms and theft.
Disaster or catastrophe could make it impossible to open your doors. Lost income could mean your staff doesn’t get paid. If you have a physical location, you’ll benefit from business interruption insurance, which supplements lost income in situations like this.
Don’t wait to incorporate workers’ compensation to your business insurance policy. You need this immediately after you make your first hire. If something happens to one of your employees as a result of working for you, this coverage pays for their medical bills, disability and death benefits.
If you don’t have workers’ compensation insurance, these costs are on you directly, and they mount quickly.
Do you make and sell a product? Then product liability coverage is a must. If an injury or death happens while someone is using your product, you could be sued to the full extent of the law. It doesn’t matter if you’ve fully outlined the risks or taken extreme measures to prevent any injuries related to use of your product.
But regardless of whether you are found at fault, this coverage will pay all legal fees and settlement costs.
At Four Seasons Insurance, we’re dedicated to helping business owners grow their companies exponentially, and that means ensuring you have the right protections in place. Let’s look at your business insurance policy and make sure you’re fully covered and you have the best rate possible. Talk to Four Seasons Insurance about what you need today.