Business insurance protects companies from financial loss. It can cover both physical property, such as a storefront or office, as well as intellectual property, such as sensitive client data. If you’re starting a new company and are looking into business coverage, here’s what you should know.

Purpose

There are many types of risks associated with businesses, from loss of inventory or property damage caused by natural disasters, theft, and vandalism. Businesses can also face significant fees from lawsuits pursued by clients, employees, or other entities. Without business coverage, the costs of these events could financially strain or even bankrupt a company. Fortunately, insurance will cover at least some portion of covered losses, which prevents business owners from having to pay the full costs out of pocket.

Liability

Liability insurance can keep businesses protected if claims are made regarding bodily injury by customers. It also protects businesses against advertising injuries, errors, omissions, and property damage. Under most policies, coverage also includes legal costs, such as settlements and lawyer fees.

Property

Natural disasters such as severe storms and fires can destroy commercial buildings and their contents. Property insurance provides financial reimbursement so companies can rebuild, repair, or replace property. This type of business coverage may also cover theft-related activity.

Employee

All businesses with employees should have workers’ compensation insurance, which covers costs for medical bills from injuries that occur on the job. It also includes a portion of an employee’s lost wages. These policies assess the risks associated with the particular line of work, the history of past claims, and how many people the company employs.

If you’re searching for business coverage for your company, turn to Jenkins & Bevan Insurance for help. Having served Lorain County, OH, for 35 years, this independent insurance agency recognizes every client’s business and coverage needs are unique. Their team can help you find the most affordable and appropriate policy for your company. Find out online about their options for businesses, or call (440) 984-6771 to request a quote.