As a business owner, protecting your assets and being proactive are crucial to ensure long-term success. One of the best financial decisions you can make is to invest in business insurance. There are several kinds, and coverage needs vary by business type. However, below are four policies most, if not all, companies and organizations need to stay protected.  

4 Types of Business Insurance 

1. Property Insurance 

If you own your property, you’ll want protection from threats such as fire, storms, theft, or vandalism. This type of coverage provides financial compensation for damage to the building structure, including the roof, walls, carpeting, and contents, including appliances and equipment, furniture, and inventory. Some policies also cover items outside the building, such as signs. If you don’t have proper coverage, you may be out of business if there is a natural disaster or burglary. 

2. General Liability 

If someone is injured on your property, you may be financially liable for their medical bills. General liability insurance covers you for these instances, so you don’t have to pay out of pocket. General liability policies also cover legal and health care expenses related to such incidents. 

3. Workers’ Compensation 

Like general liability insurance, workers’ compensation protects you from paying out of pocket to cover costs associated with accidents involving employees. If a staff member or contractor is injured at work or contracts an illness, you could be sued if you don’t have insurance to compensate them for medical expenses and lost wages. Many states mandate workers’ compensation insurance coverage. If you fail to comply, you may be fined. 

4. Business Interruption 

Whether due to a fire, natural disaster, or another emergency, you may experience a business interruption. This type of coverage compensates you for lost income. It can protect you whether you operate from home or commercial property. Be aware some policies cover situations such as pandemics and travel bans, but not all. 

If you need business insurance in Rabun County, GA, turn to A.W. Adams Insurance, LLC. This local company has provided personalized, comprehensive coverage to individuals and businesses in the greater Clayton area since 1965. From home and auto insurance to business coverage, they provide a range of options to meet your needs. Call (706) 782-5100 to discuss your options, or visit the website to learn more about what they offer.