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Purchasing an insurance policy for your business is a great way to prevent large out-of-pocket expenses due to an unexpected event. A variety of scenarios could leave your company liable for damages, so consider several types of insurance to stay fully protected.

5 Types of Business Insurance

1. Professional Liability Insurance

Professional liability insurance is targeted at companies that offer non-product services like accounting or self-help. This coverage protects your business if an error is made and the company is sued as a result.

2. Life Insurance

While many individuals invest in life insurance, business owners should also make the investment for their employees. If one of your employees passes away, the responsibility of their debts and funeral expenses falls onto their family. Providing your employees with adequate life insurance coverage guarantees their family won't be weighed down with debt.

insurance3. Product Liability Insurance

Product liability insurance covers your business if one your products caused damage or physical harm to a customer. This type of insurance is aimed at companies that offer a physical product.

4. Property in Transit Insurance

This type of insurance covers any of your business' products that have to be shipped. If they are damaged during transit, the insurance company covers your loss for replacing the product.

5. Workers' Compensation Insurance

This type of coverage ensures that if one of your employees is injured on the job, their medical bills and wages will be paid for by the insurance company instead of out of the business' pocket. Workers' compensation insurance is a legal requirement in every state.

 

If you need an insurance policy or your current policy rates are too high, call insurance brokers at Sun Valley Insurance in Indian Trail, NC, for a quote. With three decades of experience, their agents know how to find you the best policy for your situation at the best price. Get your quote by calling (704) 282-1155, or visit their website to learn more about their range of insurance options.

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