There’s a lot of work that goes into starting a company. That’s why it’s important to secure your investment. Business insurance is designed to help protect companies in case of financial losses, and every policy varies as each business has its own unique set of workers, materials, and risks. Below is a short guide to business insurance to get you started.
How Does It Work?
Business insurance works similarly to property insurance or auto insurance. It is an agreement made between the business and the insurance agency. The company you choose shares in your risk as long as you continue to make regular payments. If a loss occurs, the business files a claim. Depending on the coverage, the insurance company pays a certain amount after the deductible has been paid.
What Does It Cover?
Business insurance offers different types of coverage, but the average operation can include the following:
- General Liability Insurance: Coverage in case there’s an injury on your property.
- Property Insurance: Covers damage caused by arson or natural disaster.
- Product Insurance: When a faulty product causes damage or harm to a customer.
- Commercial Vehicle Insurance: If a commercial vehicle is involved in a collision.
- Workmen’s Compensation: Coverage in case of employee injury or illness.
- Loss of Income: If your business can’t operate without paying rent and employees.
How Do I Get It?
You can receive an insurance quote online, but you should visit an insurance agency to tailor your contract to your business’s specific needs. You can also work through an independent insurance agent whose expertise can guide you through the various policies offered by many different companies to find you the best possible quote.
Getting a business off the ground can be difficult, and a helping hand can go a long way to ensure the success of your business. For a company with a strong sense of community looking to help their neighbors, trust Tower Community Insurance in Scottsboro, AL. Serving Alabama and Tennessee, they form a bond with business owners to create a partnership where both parties are equally as invested in the success of your company. Give them a call at (256) 259-1116 or visit them online for more information.