There are multiple types of business insurance you can obtain for your company, your employees, and your company property. Many businesses in different states may require specific insurance, certifications, licenses, or permits. When calling around for insurance rates, below are some of the main types of coverage you can look for.
This will cover lawsuits and possible payments that may arise due to medical expenses, injury, negligence, or slander.
Errors & Omissions (Professional Liability)
Service businesses use this type of insurance to protect against payments on claims related to malpractice, errors, or omissions in the service of clients.
If your company manufactures, sells, or distributes products, product liability insurance can protect you against liability insurance can protect you against financial losses due to products that cause harm.
This type of insurance protects the cost of business property (building, equipment, money, documents, etc.) from fire, hail, crime or other disturbances. Make sure you get a policy that covers all the possible perils you are concerned about.
Owner’s Health Insurance
Your health insurance will be what reduces or eliminates costs for doctor’s visits, medical care, surgeries, medicine, and more.
Owner’s Disability Insurance
Consider an insurance policy that will kick in I you are unable to work for a time due to serious injury or illness. You may want to even seek a disability policy that will cover your business inventory or employee expenses, not just your personal living/salary.
Worker’s Compensation Insurance
Required in most states of businesses that hire employees outside of their immediate family, worker’s compensation insurance covers medical expenses and lost income, or permanent disability, for employees injured on the job.
Business Automobile Insurance
If you conduct business with your vehicles (Ex. Delivery, limousine, janitorial service, supply transport) then business auto insurance will insure your vehicles and provide injury or loss coverage.
Home-Based Business Insurance
Since most homeowner’s or renter’s insurance policies do not cover business losses if the business is done at home. You may want to obtain home-based business insurance to cover your business property.