If you’re starting your own business, you may be thinking that you don’t need insurance for your startup. After all, you’re the boss, and you don’t need insurance, right? Wrong. If you’re planning to open a business, no matter the type, you need to have coverage. Adequate coverage is vital if you want to protect your business against financial loss. It protects your hard-earned assets and income against unforeseen events like fire, theft, and lawsuits. Your business insurance policy can cover your property, employees, products, and more, as well as offering liability protection.
The biggest reason to get business insurance for your business is to protect your assets. Even if your company is small, you still have valuable assets that should be protected, including your equipment, your building, and your data. If you have a storefront, your inventory is part of your assets. Aside from protecting yourself, additional business insurance will also protect your employees if they are injured while working. As your business grows, you’ll acquire more assets, and you’ll need to add more coverage for protection. But when you’re just starting out, figuring out what’s right for you can be tough, which is why you should meet with an insurance specialist to discuss your options.
Types of Essential Business Insurance
In a nutshell, these are the types of essential business insurance:
- Professional Liability: protects your business from lawsuits related to the services you offer.
- Property Insurance: insures your business’s property.
- Workers’ Compensation: covers employees for any on-the-job injuries.
- Product Liability: protects business owners from lawsuits regarding manufacturing defects.
- Business Vehicle Insurance: covers your business’s vehicles.
Confused about which types of essential business insurance your company requires? Contact an agent at Prince Insurance to discuss your business’s needs and to receive a quote.