Whether you’ve made the leap towards launching your own startup or have been tapped as a co-owner, protecting your operation is essential for long-term success. That’s where business insurance comes in. While the term is broad, there are several key types of coverage every entrepreneur should have. Here are several to consider.

The Top 4 Must-Have Business Insurance Plans

1. General Liability

Should a customer, vendor, or another person become injured while on your company’s property, they can sue you to pay for their medical costs. A general liability business insurance policy covers those expenses as well as any legal claims and settlements. Depending on the type of business, additional coverage may be needed for matters involving identity theft and errors and emissions, which extends to matters on you giving advice or recommendations to clients.

2. Property Insurance

From the parking lot and lobby to the warehouse and individual office spaces, property insurance is designed to cover damages to your company’s structures. This includes natural and man-made disasters that cause damage to items such as furniture, inventory, and important files. Under the property insurance umbrella is another plan to cover revenue loss if profits are affected while your building or another structure is being repaired.

3. Workers’ Compensation

In many states, companies are required to have a workers’ compensation policy in place. It typically depends on the number of employees working for you. Most standard policies pay for the medical expenses of employees injured on the job. The plan may also include wage loss while the injured staffer is recovering.

4. Commercial Vehicle Insurance

If your business has a fleet of cars or trucks, it is essential to have commercial vehicle insurance. Like standard car insurance, the coverage pays for the repairs and replacement costs if a business vehicle is involved in an accident. Talk to an insurance agent first if you plan to use your personal vehicle primarily for your business. There may or may not be some inclusions available to cover it.

Protecting your company from the unexpected is worth the effort. Having the proper business insurance plan in place can provide financial peace of mind. Stan Owens - Kentucky Farm Bureau in London, KY is your trusted agent to help secure customized coverage for your firm’s unique needs. With 33 years of extensive experience, you can count on Stan to help design an insurance package that’s affordable, comprehensive, and reliable. To get started, visit the website to request a free, no-obligation insurance quote. Should you have any questions, call (606) 864-2107 and Stan will gladly answer them.