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Business Insurance: Is your business protected?

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One of the biggest mistakes a business owner can make is failing to properly insure their business.  Most business owners hope that it will never happen to them, but the truth is that businesses are sued everyday.  Business insurance can protect against property damage, slips and falls, stolen property and more.

Types of Business Insurance that you should Consider

  1. General Liability Insurance - All business owners should carry General Liability Insurance.  This is a general business insurance policy that covers bodily injury, personal injury, property damage, slander, or false advertisement. 
  2. Professional Liability Insurance - This insurance policy is needed by many service providers.  This includes professions like computer consultants, photographers, event coordinators, and web designers.  Professional Liability Insurance covers the business owner in cases of negligence or when the business fails to adequately complete a job, task, or procedure.  Some Professional Liability Insurance policies also cover libel or slander.
  3. Product Liability Insurance - Product Liability Insurance is needed by businesses that produce a physical product.  The policy protects against defective products.  This type of policy is needed by a broad range of companies including pharmaceuticals, clothing manufacturers, candle makers, and soap makers. 
  4. Property Insurance - When a business operates out of it's own building, then Property Insurance is needed.  The property insurance policy protects the company property against theft, fire, smoke, wind, hail, vandalism and other covered events. Company property includes your building, equipment, documents, lost income, business interruptions, and money.
  5. Umbrella Policies - Umbrella policies cover everything that the other business policies do not cover.  They usually require the business to have the maximum allowed limits of all the other insurance policy types.   

Is your business properly insured?

Read 5159 times Last modified on Tuesday, 19 February 2013 09:09

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