Opening Your Own Business? 4 Types Of Insurance You Should Have
If you're going to be going into business for yourself, you have a lot of things to think about. Opening your own business takes a lot of hard work. You'll need to be prepared for everything that comes your way. Once you own your own business, when something goes wrong, everyone is going to come to you for answers. Some of the problems you face as a business owner might require insurance. When problems do arise, you'll need to know that you have the right insurance coverage. Here are four types of insurance you'll need for your business.
Professional Liability Insurance
If you're going to be providing a service to your customers, you'll need to be protected against lawsuits stemming from unhappy customers. Things like faulty workmanship or failure to provide a specific service can leave your business open to litigation. Make sure your business is protected against those lawsuits by adding professional liability coverage to your business insurance coverage.
Business Property Insurance
If you're going to be operating out of a business office, you're going to need property insurance – whether you purchase the property or lease it. Your property insurance will protect your business against hazards such as fires and theft. Failure to have that coverage could leave you holding the bag if you suffer a loss. It's important to note that most property insurance doesn't protect against things like floods or earthquakes. If you want that type of coverage, you'll need to apply for separate coverage.
Worker's Compensation Insurance
If you're going to have employees working for you, you may need to supply worker's compensation coverage for them. Worker's compensation protects you against any work-related injuries your employees may suffer while on the job. Worker's compensation coverage covers medical costs and disability benefits while your employees are unable to work due to injuries sustained at work. It's important to note that even if your employees won't be carrying out high-risk activities, they can still suffer work-related injuries such as carpal tunnel syndrome or slip-and-fall injuries.
Motor Vehicle Coverage
If you or your employees are going to be operating vehicles during the course of business, you need to have vehicle insurance. In most cases, your personal vehicle insurance will not protect your business vehicles.
Before you open your business, you need to make sure that you have adequate business insurance. The information provided here gives you a list of the coverages you should have for your business. If you have questions or concerns about your business insurance policies, be sure to speak to your insurance agent, such as one from Welsh Insurance Agency Inc.