Cornerstone Insurance Agency Blog
The moment you open your business, you are subject to different kinds of risks. It is extremely important to buy the right business insurance that can protect you in case of a disaster or lawsuit.
The following are types of insurance policies that you should have, even before you hire your first employee.
1. Property Insurance
This provides protection to your furniture, equipment, inventory, signage, and the like. In case of a theft, storm, or fire, property insurance covers your business space whether you own the property or lease it. It typically does not cover earthquakes, floods, or other mass-destruction events.
2. Business Interruption Insurance
All sorts of disasters can interrupt the operations of your business. Because of this, your employees will not be able to work and transact business, which can result to loss of income. Retail stores, mechanic shops, and other businesses that conduct business dealings in a physical location can benefit from business interruption insurance. It gives compensation to companies that lost their income due to a catastrophe.
3. Professional Liability Insurance
This type of insurance is also called E and O Insurance (Errors and Omissions). This one covers your business in case of claims due to negligence on your part. You need to customize your policy according to the needs and concerns of your business.
4. Product Liability Insurance
It is of utmost importance if your business involves manufacturing products and selling them to the public. Your coverage depends on the type of product you offer for sale. Product liability insurance can protect you in the event of a lawsuit when your product causes harm or damage to a consumer.
5. Workers Compensation Insurance
Purchase workers compensation insurance as soon as you hire your first employee. In case your employee gets into an accident (or dies) while doing their job for your company, the workers' compensation helps cover disability benefits, medical treatment, and death benefits.
6. Vehicle Insurance
If your business is using vehicles for your transactions or deliveries, get those vehicles insured. By doing that, vehicle insurance provides protection to your business against third-party injury and liability that are caused by your company vehicles.
7. Home-based Businesses
Homeowner's insurance does not cover the business that you put in your home. For your home-based business, purchase commercial property insurance. If you are also conducting business operations outside your house, obtain additional coverage to protect your inventory and equipment.
Protect your business with the right policy. Ask your agent what types of insurance plans are appropriate for your specific kind of business.
At Cornerstone Insurance Agency, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (888) 661-8831 or Click Here to request a free quote.