Basics of Business Insurance
When you own a business, it is your responsibility to protect it. The best way to do this is with comprehensive business insurance. This coverage is a legal requirement in most cases, and it is defense against accidents, injuries, and lawsuits. If you have or plan on having a business, you most certainly will want to have business insurance.
It’s smart business to have business insurance. Even a business owner who works from home needs coverage, as there are cases where home insurance does not cover business assets. As a company grows and employees are hired or vehicles are purchased, additional coverage will become necessary.
Business Insurance Basics
A basic business insurance policy combines different forms of coverage suitable for a business. This generally includes commercial property coverage and general liability coverage.
Commercial property helps you cover some or all of the costs if physical assets are damaged, stolen, or vandalized. General liability protects a company from lawsuits for accidents, injuries, libel, and slander. These two forms of coverage financially and legally protect a business against many common issues.
A business owner might also want to consider product liability or professional liability. This is sometimes called malpractice insurance. It protects a business against financial losses from negligence or errors. They are most commonly used by doctors, dentists, engineers, and other professionals who provide a service. Product liability insurance is for retailers and manufacturers. It protects them against lawsuits for dangerous, defective, or damaged products.