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If you're in the process of starting a business, it only makes sense that you'd want to protect your enterprise from both legal and fiscal perspectives. The right business insurance will help you do just that. Below, Sharrard, McGee & Co., PA, an accounting firm in High Point and Greensboro, North Carolina, discusses four essential types of business insurance any company, no matter how large or small, should have.

The Top Insurance Plans You Need for a Business

1. General Liability Insurance

General liability insurance provides you, the employees, and the whole operation a safeguard from liability should the unforeseen occur. Common scenarios which benefit from this type of insurance include property damage, bodily injury, medical bills, and the costs associated with defending a lawsuit. General liability insurance can be customized to meet the unique needs of your business.

2. Property Insurance

accounting servicesProperty insurance is sometimes included as part of general liability coverage, so check with your insurer to see if it is part of your package. This protects your physical property and equipment from loss, theft, and, in certain circumstances, breakage. If you have a home-based business, be aware that many homeowners' insurance plans do not include protection for commercial enterprises conducted from home.

3. Professional Liability Insurance

As a business owner, you are committed to providing the highest levels of service to your customers. But even the most professional provider can make mistakes, and this is where professional liability insurance comes in. It legally safeguards you and the business if you make an error or omission that results in negligence or malpractice.

4. Product Insurance

If you manufacture a product for retail sale, you need to ensure that it is safe for consumer use. Consider for a moment what would happen if a consumer was injured by your product. Carrying product insurance shields you from financial losses that could result from a legal case where a customer had an adverse reaction to a product you manufactured.

Always invest in the insurance that will provide you the most coverage and peace of mind. As part of your overall plan to look out for your business and its livelihood, hire a trusted accounting firm to make certain the financial aspects of your business are properly managed. Call Sharrard, McGee & Co., PA at (336) 884-0410 in High Point, (336) 272-9777 in Greensboro, visit them online, or contact them on Facebook or Google+ to learn more about their accounting services or to make an appointment to discuss your business and its future.

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