Virtually all business owners require some form of insurance to protect themselves from risk. However, with the variety of policies available, ensuring you have the right business insurance for your company can be challenging. Use this helpful guide to determine what kind of coverage your business needs and make the best choice. 

Understanding Business Insurance

1. Know All Relevant Rules & Laws

In Montana, most businesses are legally required to purchase workers’ compensation insurance to cover staff. Failure to do so could result in penalties or lawsuits from injured workers. Other coverage requirements depend on a variety of circumstances. For instance, you may be obligated to purchase liability coverage if you’re renting the space your business operates out of. Securing these policies not only protects you and your staff, but it also prevents you from incurring significant fines for failing to follow the rules.

2. Don’t Assume Home Businesses Are Covered

If you run your business out of your home, your existing insurance coverage is likely insufficient. While home insurance does cover damage to personal belongings, high-value equipment and items used during the course of work may not be included in your coverage. To protect your investments, you can purchase a rider to expand coverage limits and ensure valuable work equipment is protected.

3. Be Aware of Industry-Specific Risks

Someone that offers a professional service, like an accountant or lawyer, will not be covered by a general liability policy. Instead, these people need professional liability coverage, which safeguards them against claims that their professional advice somehow harmed client. With other businesses, a product liability policy may be needed, while others might require a commercial vehicle policy.

Working with a knowledgable insurance agent can help you sort through business insurance issues. In Kalispell, MT, Grachek Insurance takes the time to listen to each client’s needs and make the best coverage recommendations. They offer business policies to owners throughout Northwest Montana, including commercial vehicle coverage, general liability, and workers’ compensation coverage. Visit them online to learn more about business coverage or call (406) 755-4000 to get a free quote.