If you’re starting a small business, there are several types of business insurance that will protect you against different issues. Selecting a combination of these will allow you to create a comprehensive policy that keeps you safe from financial responsibility in case of unforeseeable events. To help you establish adequate coverage, here are some of the most popular insurance options for business owners.
What Type of Business Insurance Do I Need?
1. Workers’ Compensation
Employers are required to offer workers’ compensation coverage to their employees. This insurance provides funding for lost income and medical costs incurred from a work injury. Without it, you’d be liable for paying for these expenses if anyone on your staff sustains an injury that prevents them from working.
2. Professional Liability
This coverage protects people who provide professional services, such as graphic designers, accountants, and lawyers. It protects you from being personally liable in case your client experiences financial loss due to your work. This is not the same as a general liability policy, which covers injuries and property damage that happens at your location.
3. Business Interruption
Your business is your livelihood, so any problems with operations can result in financial losses. Business interruption coverage provides income in case you experience building damage or loss of equipment that prevents your company from operating. This will give you peace of mind and allow you to focus on getting your workplace back on track.
4. Product Liability
While professional liability protects businesses that provide a service, product liability safeguards those who provide goods to the general public. If a customer is harmed by your product, this covers medical costs as well as those incurred from potential lawsuits. If your company sells equipment, toys, jewelry, or even clothing, this is an option for you.
5. Commercial Auto Coverage
If your business relies on vehicles, commercial auto insurance is crucial. Even if you and your staff have personal auto coverage, this often falls short of covering vehicles used for business purposes. Commercial coverage offers many of the same protections, including injury, property damage, and theft.
Business owners in Jamestown, NY, turn to Bryan Nelson for business insurance. He’ll help you find the best products for your needs, whether you’re insuring your staff against work injuries or need protections for essential work equipment. He also carries several options for personal coverage. Learn more about available policies online or call (716) 488-1191 to schedule a consultation.