Every business owner faces risks. Business insurance offers protection against many of these risks, including lawsuits, property damage, and injuries to staff. Choosing the right coverage can be tricky, but this guide explains common types of business insurance, so you can make an informed decision. 

What Business Insurance Do I Need?

1. Liability Coverage

There are two types of liability coverage available to business owners. General liability protects against lawsuits filed by third parties who were injured at a place of business. Professional liability offers protection to businesses that provide professional services, which include hairstylists, accountants, lawyers, and many others. These policies provide funding for court fees, attorney expenses, and damages if awarded. 

2. Workers’ Compensation

Most businesses in North Carolina are required to carry workers’ compensation insurance by law. This protects staff in the event they’re injured at work. It also protects employees who work offsite. Workers’ compensation safeguards employers against lawsuits related to work injuries and covers things like lost income and medical payments. 

3. Commercial Auto

Commercial auto insurance covers many different scenarios. Whether you or your employees drive personal vehicles, or you have vehicles that are owned by the business itself, this insurance can offer protection. It covers injury and damage to other people and property, much like standard auto policies. You can also implement commercial property coverage, which protects against theft, vandalism, and other perils. 

4. Commercial Umbrella

Even with the above coverages in place, you may face a situation that exceeds your insurance limits. An umbrella policy expands these limits and ensures your existing coverage is sufficient. This is particularly helpful when it comes to lawsuits, which can incur massive costs if there are multiple instances of injury or property damage. 

Working with a skilled and knowledgeable insurance agent ensures you’ll find the best coverage for your business's needs. Zimmerman Insurance Agency has helped clients in High Point, NC, make decisions about business insurance since 1963. They offer a variety of commercial insurance, including liability coverage and policies for the self-employed. They also work with an extensive network of carriers, which means they can find you quality policies at affordable prices. Call (336) 883-6512 today to start the process or visit the website for more information on their services.