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Business Insurance

It takes a significant investment to open a small business. It may take you years to develop a concept or service and to save up enough money to launch your business, but it can all be taken away because of an unexpected event like a lawsuit or natural disaster. Having a business insurance policy is one of the best ways to protect your investment so you can maintain your livelihood.

Having an LLC is not enough to protect your business from losses as an LLC only protects your personal assets from any liabilities your business may incur. Having an insurance plan for your business guards against the specific types of risks and losses your business may face. An insurance agent or broker can help you determine which type of insurance is right for your businesses based on the specific risks of your business.

There are several types of insurance available to business owners. Workers’ compensation insurance, unemployment insurance, and state disability insurance are the three types of insurance programs the states require businesses to carry. In certain industries, each state can determine the type of insurance a business must carry beyond the three mandated insurance programs.

General liability insurance is the most common type of policy issued as it provides coverage for several types of risks such as bodily injury, libel, medical expenses, property damage, and more. Physicians and professionals in the financial services sector have errors and omissions insurance to protect them from malpractice lawsuits. Other types of insurance for businesses include product liability insurance and commercial property insurance.

If you operate a business out of your home, you will have to get a general liability or errors and omissions policy because a homeowners’ insurance policy typically doesn’t cover business related losses. Whether you work from home or at another business location, make sure you assess your business risks, shop around for the best policy that you can afford, and work with a reputable agent who can guide you through this process.






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