Choosing Better Insurance

Since risks are inevitable in business, insurance comes in handy to cover all eventualities. Without insurance, you have to pay for damages from catastrophic events or major lawsuits out of pocket, which could dent your business finances significantly. 

Here are the main types of business insurance you should consider to protect your business. 

Business Liability Insurance

Business liability insurance (also commercial general business liability) covers your business in case a third party sues you. This insurance covers legal fees, payments due to bodily injuries, settlement bonds, or property damage. With this coverage, you don't have to worry about the medical costs if an employee gets injured at the workplace. 

Liability insurance comes in many forms. For instance, employment practices liability insurance covers any damages in case you violate an employee's legal rights. You can also take business identity theft insurance to safeguard your business against identity theft or fraud.

If your company offers advice, designs products, or provides care to clients, patients, or customers, consider professional liability insurance.

Workers' Compensation Insurance

In most states, workers' compensation insurance is mandatory for all businesses with one or more employees. This commercial insurance helps you pay for employees' medical bills and also replaces lost wages if the employees get injured at the workplace.

A slip and fall injury or medical condition like carpal tunnel syndrome can cost a ton of money in claims. With this insurance, such worries won't be a concern.  

Furthermore, workers' compensation insurance covers funeral expenses if an employee loses their life due to injuries sustained at the business premises. The employee's family also gets compensation up to a set limit. This insurance coverage also pays for ongoing care, such as physical therapy. 

Property and Vehicle Insurance

Whether you own or lease a working space, you shouldn't operate without property insurance.  Property insurance covers your signage, equipment, and furniture in the event of smoke, fire, wind or hail storms, vandalism, or civil unrest. This insurance usually comes in two forms, namely:

• Peril-specific policies: Covers losses from listed perils, such as flood, fire, business interruption insurance, or crime. 
• All-risk policies: Covers perils and incidents not explicitly excluded. For instance, if a business policy doesn't omit flood damage, your insurance will compensate you for any property damage due to a flood.

Vehicle insurance covers all the vans, cars, trailers, and trucks your organization uses. While you can apply for third-party insurance to cover third-party injuries, comprehensive motor insurance is better as it covers your vehicle as well.

When your business has proper insurance, you can focus on building your business without worrying about the risks that may come. Consult a commercial insurance agent if you need help choosing suitable insurance for your business.