Business insurance is a crucial safeguard against financial losses caused by errors, lawsuits, employee misbehavior, and other obligations in owning or operating a business. It's essential to understand the various types of business insurance if you're new to it or want to ensure you have the proper coverage for your company's demands. Here are some of the types of business insurance.
Commercial Property Insurance
Your physical assets (including buildings, machinery, supplies, furniture, and personal property) are protected by commercial property insurance, which may also provide cash coverage after a fire, theft, or other loss-related property damage.
Although small and medium businesses with physical assets often need this coverage, property insurance coverage can range from basic to comprehensive.
Workers’ Compensation Insurance
An employee who sustains a work-related illness or injury is entitled to workers' compensation insurance, sometimes referred to as workers' comp or workman's comp, which may pay for medical expenses and a percentage of lost wages. Employees who receive workers' compensation payments may forfeit their right to sue your business for illness or injury.
Interruption to Business Insurance
Another type of protection that is usually needed by new businesses is business interruption insurance, sometimes called business income insurance. Business interruption insurance may assist in compensating income loss or operational costs like payments to loans, rents or mortgage taxes, and salary if a calamity strikes and your business is forced to close for a while.
General Liability Insurance
Business owners get general liability insurance to cover legal costs resulting from mishaps, injuries, and negligence claims. These plans usually offer coverage for payments resulting from personal injury, property damage, medical expenditures, slander, libel, litigation costs, and settlement bonds or judgments necessary during an appeal process.
Professional Liability Insurance
Professional liability insurance, often known as errors and omissions (E&O) insurance, safeguards businesses that provide professional services. When providing services to your clients, liability insurance safeguards your company against errors, mistakes, and negligence.
There are numerous types of business insurance that you can avail to protect you and your company. Business insurance helps mitigate the risks of unexpected events throughout your business operation. Don’t hesitate to get yourself a policy and protect your company.
At Jacobs Insurance Solutions, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (817) 485-8989. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!