As a small business owner, you know that protecting your enterprise is crucial. Securing the right insurance coverage is vital to this cause because it protects you against personal liability and ensures you can receive an income if your operations are interrupted. The following information illustrates the different types of coverage so you can determine which works for best for you.
Business Insurance FAQ
Are there different types of business coverage?
There are many different types of insurance coverage available to your business, each of which offers protections in different areas. For instance, property insurance protects the actual structure you’re operating out of as well as any equipment you use. If you and your employees use vehicles for work purposes, auto coverage is a must. You may also consider a business interruption policy, which provides funding for lost income in the event you’re unable to operate due to a covered peril.
Should I get liability coverage?
Most small business owners should have liability coverage in place. General liability insurance offers protection against bodily injury and property damage incurred by third parties, such as customers. There is also professional liability, which covers you when providing services. As an example, if a body shop is tasked with painting a vehicle and somehow gets the color wrong, the subsequent claim would be covered by this type of insurance.
What is umbrella coverage?
All insurance policies have limits, and when these limitations are breached, you’ll be faced with paying for additional costs out of pocket. Consider what would happen if you were the subject of a lawsuit. Even with a liability policy in place, you may be on the hook for court costs, medical expenses, or lawyer’s fees. An umbrella policy will cover these gaps to ensure your finances don’t suffer due to your business, which is crucial when considering just how expensive litigation can be. An expert agency will build out your umbrella coverage so your small business is completely protected.
Do you have questions about business insurance in High Point, NC? Phillip Kent Beck Agency has answers. Whether you need coverage for commercial vehicles or want liability protection against lawsuits, this dedicated team will work with you to find the perfect combination of coverage. They also offer individual coverage to ensure your most valuable possessions remain intact. Discuss your specific insurance needs by calling (336) 434-2111 today. You can also visit them online to see the complete listing of insurance products.