Running your own business is more than just a job; it’s also a labor of love. As a result, you want to ensure that it remains protected against unforeseen disasters, which can be damaging and costly. With the right business insurance policies, you can rest easily knowing safeguards are in place if the unthinkable occurs.
5 Essential Types of Business Insurance
1. General Liability
If a third party suffers damage as a result of your business or its services, liability coverage will spare you from hefty legal costs. Liability insurance typically covers bodily injuries occurring to those other than yourself or your employees as well as property damage.
2. Workers’ Compensation
If one of your employees is injured on the job, workers’ compensation will provide funding for lost wages and medical bills. All states require workers’ compensation coverage for eligible employees, which usually includes anyone with full-time status.
3. Property Insurance
If you own the building where you do business, property insurance is crucial. This policy can also cover equipment, such as scanners, printers, and computers. You can supplement property coverage with policies that provide income in case your business can’t operate due to fire or another disaster.
4. Commercial Auto
Commercial auto policies provide coverage for any work vehicles you or your employees use for business purposes. This policy offers the same protections as traditional auto insurance, covering damage to other cars and medical expenses incurred as a result of a crash.
5. Professional Liability
People who provide professional services, such as lawyers, real estate agents, and even hair stylists, may face legal action if their services are claimed to be substandard. A professional liability policy provides coverage for legal costs if you go to court. This coverage exceeds what a general liability policy would afford.
Thanks to more than three decades of experience, P.D.H Insurance Brokerage of Valley Stream, NY, can help local business owners secure the best insurance coverage to protect their enterprise. If you’d like more information on the types of business insurance currently available, visit them online. You can also call (516) 561-5227 to speak with an insurance broker about your specific needs.