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From company vehicle accidents to injured customers, business owners face a number of financial risks. To protect their operations from the unexpected, many invest in reliable business insurance coverage. However, it’s confusing not knowing what types of policies you need. Here are a few important plans that entrepreneurs should consider securing.

4 Must-Have Business Insurance Policies

1. Property Insurance

This type of plan covers the items inside a company’s building. They can include furniture, computers, and office supplies. Most standard business insurance plans will pay for the repair or replacement cost if the items are damaged or stolen.

2. General Liability Insurance

business insuranceIf you’re an entrepreneur, you’ll want a comprehensive policy designed to cover a number of areas, which makes a general liability insurance plan an ideal option. Typical coverage includes financial protection if you or the employees are injured while working. The policy also extends to damaged property, lawsuits, and medical expenses.

3. Product Liability Insurance

If you have a company that provides products to the public, the unfortunate reality is that something could go wrong with the items. Product liability insurance provides protection if the products are defective. Specifically, the coverage can pay for expenses associated with a product that causes injuries or damage.

4. Errors & Omissions Insurance

Another must-have policy involves services to a company’s customers. Also known as professional liability insurance, errors and omissions coverage provides protection against negligence, malpractice, and other errors that can harm customers. The services can run the gamut from those provided by physicians to tax preparation agents.

 

These are some of the most common business insurance policies recommended for companies. Depending on the type, size, and location of the firm, other plans can offer additional financial protection. Farm Bureau of Mebane-Caudill Agency in Mebane, NC, specializes in helping business owners secure the best coverage. The agents understand that no two companies are alike and will prepare customized coverage for each client. Visit the website or call (919) 563-3276 to learn about the agency’s full lineup of policy choices.

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