As a business owner you are responsible for the financial well-being of your company—this includes what types of commercial insurance to purchase. Below, A Better Choice Insurance Agency, the most trusted seller of business, auto, and life insurance in Concord, NC, lists coverage you should secure to protect your operations from the unexpected.  

5 Types of Business Insurance Your Company Needs

Business Property

Property insurance is the most fundamental type of coverage for a business owner. It protects your premises from fire, storm, and vandalism damage, and it covers your commercial equipment, furniture, electronics, and inventory. It is indispensable and should be an integral part of your budget.

General Liability

General Liability insurance is also crucial. It covers legal, medical, and replacement costs should you injure somebody or harm their property. For instance, should a visitor slip and fall on your store's wet floor or in your icy parking lot, general liability covers the costs and pays any legal fees and court costs.

Product or Professional Liability

If you make a product that negatively affects someone’s well-being, this type of insurance protects you against any legal recourse. Professional liability for doctors, lawyers, and others covers you if you're sued for committing errors or negligence in your professional capacity.

Business Vehicle

Business vehicle insurance is a collection of coverage types that pay for repairs to your vehicle or someone else’s, damaged property, or medical costs for injuries and other risks associated with driving. You have many choices, but most states require a minimum you must meet.

Workers’ Compensation

If your business employs the minimum number of workers (in North Carolina, it is three or more), you are required to buy workers’ compensation insurance. This pays for medical costs associated with injuries or illnesses sustained on the job. However, to take advantage of it, an employee must waive their right to sue for further damages.

A Better Choice Insurance Agency fields a team of experienced agents who regularly help business owners in Kannapolis, Mount Pleasant, and China Grove. Visit their website for contact info, or call (704) 782-2073 to request a quote.