What Is Business Insurance and Why Do You Need It?

What is business insurance? And do you need it? If you’re a business owner, business insurance should definitely be something to consider, and we can help you figure out what plan is best for you.

What is business insurance?

If you own a business, business insurance can help protect you. It will protect your financial assets and your intellectual and physical property in case of theft, injury, or lawsuits with your employees or clients. There are many different business insurance coverage options depending on the size of your business and the type of work you do. There are also options for insurance for worker’s compensation and if you have commercial vehicles.

What to consider before purchasing business insurance

Because there are many types of business insurance, there are a few things that you should look into before deciding on a plan.

  1. General Liability Insurance. If your products, services, or employees are alleged to have caused property damage or bodily injury to a third party, you need liability insurance. This is important even if your business is based out of your home.
  2. Property Insurance. You’ll need property insurance in case of fire, vandalism, smoke damage, or even theft. This will cover your office space and the personal property of your business, including computers, equipment, inventory, etc.
  3. Professional Liability Insurance. Your general liability insurance will not cover claims of improper professional malpractice. Professional liability insurance is necessary for occupations such as lawyers, accountants, notaries, hair salons, real estate agents, etc.
  4. Commercial Auto Insurance. If you need vehicles, you must have commercial auto insurance. No vehicle is exempt from the possibility of damage or collision, and you need to protect your company’s vehicles with commercial auto insurance.
  5. Workers’ Compensation. If you have employees, you’ll want workers’ compensation insurance in the event someone gets ill or injured on the job. This type of insurance covers medical costs and lost wages.

If you want to protect your business with business insurance, the professionals at Insurance Shops are highly trained and experienced in advising business owners on what types of insurance they should have. We can work with you to find the perfect plan for your business.