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If You Own A Business, You Need Business Insurance...
Insurance coverage for businesses is available for every conceivable risk your business might face. Cost and amount of coverage of policies vary. In general you will need:
General Liability Insurance
Business owners purchase general liability insurance to cover legal hassles due to accidents, injuries and claims of negligence. These policies protect against payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.
Product Liability Insurance
Companies that manufacture, wholesale, distribute, and retail a product may be liable for its safety. Product liability insurance protects against financial loss as a result of a defective product that causes injury or bodily harm. The amount of insurance you should purchase depends on the products you sell or manufacture. For example; a clothing store would have far less risk than a small appliance store.
Professional Liability Insurance
Business owners providing services should consider having professional liability insurance (also known as errors and omissions insurance). This type of liability coverage protects your business against malpractice, errors, and negligence in provision of services to your customers. Depending on your profession, you may be required by your state government to carry such a policy. In many states a physician is required by law to carry this type of insurance to cover malpractice.
Commercial Property Insurance
Property insurance covers everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of "property" is broad, and includes lost income, business interruption, buildings, computers, company papers and money.
Depending on your need you can discuss an all-risk policy or peril-specific policy. Our business agents can help you determine the best policy for your business.
Home-Based Business Insurance
Contrary to popular belief, homeowners' insurance policies do not generally cover home-based business losses. Depending on risks to your business, you may add riders to your homeowners' policy to cover normal business risks such as property damage. However, homeowners' policies only go so far in covering home-based businesses and you may need to purchase additional policies to cover other risks, such as general and professional liability.
As a Small Business owner you may have lots of questions about this type of insurance, please give us a call. At Preferred Insurance Solutions we are happy to help guide you through the process. Call us today.
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