Essential Insurance Every Business Should Have

commercial building insurance

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.

Risky Business

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:

Protect your company with 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.

Best Liability Plans for Businesses

open office space with a long working table in the middle

To protect yourself and your business, you need a variety in your types of coverage. Your business may need commercial auto insurance if you use any vehicles in the course of doing business, for example. You need protection from liability when it comes to inventory loss, crime, and natural disasters. For everything that could damage your investments or prevent you from doing business, it’s wise to get insurance. But there’s one type of insurance that many business owners forget about.

Are you and your employees protected against negligent claims?

Professional liability & protecting your staff

Professional liability is a type of coverage that protects you from a mistake that becomes a claim. This could be negligence, failure to render services, or even malpractice. Third parties or even internal parties can make a claim like this. Professional liability protects you as well as your staff against this type of trouble. There are some specific types you should know about. First is E&O, or errors and omissions. If someone forgets something or makes an error, you can get coverage for that. There are also Directors and Officers Liability (D&O), fiduciary liability, and employment practices liability. Your agent can help explain these options and explore what might be appropriate for your business.

Ensure the future

The future of your business depends on you. No one can predict the future, and that’s why insurance exists. Personal insurance should be a given. Professional liability is another smart way to protect yourself and ensure the future success of your business. You should protect your staff, your business investments, and yourself from any liability claims now. Don’t wait for a mistake to become a costly claim that destroys your business!

You can get personal and professional coverage with us. Contact us to go over options with our team and make sure that you and your business are protected.