Your small business faces numerous risks and uncertainties, from severe weather to crime and accidental injuries. To guard against these risks, you need the right business insurance. Protect yourself and your company by learning about the most important types of coverage.

Insurance Coverage That Every Small Business Needs

1. Property

Property insurance comes in two types: 1) premises coverage, which pays if a storm, fire, falling objects, or vandalism damages or destroys the structure of your building, and 2) business property coverage, which protects your furniture, appliances, business equipment, inventory, and raw materials used in manufacturing products. 

2. General Liability

General liability covers repairs and medical treatments if you or a worker accidentally injures someone or damages their property. It also pays for legal costs, including lawyer fees, court costs, and judgment or settlement amounts that arise out of the case.

3. Workers’ Compensation

Workers’ comp insurance pays for medical treatment if you or an employee suffers a workplace injury or illness. It also covers lost wages due to the medically necessary absence from work after such an injury. North Carolina requires employers with three or more employees to purchase workers’ comp or qualify as self-insured.

4. Product Liability

If you sell or manufacture products, product liability business insurance protects you against the legal consequences if a defective or malfunctioning product injures someone or damages third-party property. Otherwise, you could be held liable, even if the injured party didn’t use the product properly.

5. Professional Liability

Also called malpractice insurance, this coverage protects you against liability for losses you cause due to errors or omissions during activities of a professional nature. Professional liability business insurance is particularly important for doctor and law practices, accounting firms, and consulting businesses. 

To have a friendly, experienced insurance agent help you design the ideal small business insurance policy for your needs and budget, contact High Rock Insurance Agency in Lexington, NC.  They serve clients in and around Davidson County with specialties in home, life, business, and auto insurance. Visit their website to learn more about the team or call (336) 236-9022 to request a business insurance quote.