
When you start a business, one crucial consideration is what kind of insurance you should buy. Make no mistake, improperly insuring your business can put your business on the line for thousands of dollars in claims. But, what kinds of business insurance does your new business need?
1. Worker's Compensation Insurance
Every business needs worker's compensation insurance to cover medical bills, lost wages, and even death benefits to employees who are injured on the job. In most states, businesses are required by law to have worker's comp insurance.
2. General Liability Insurance
Many businesses may believe that, if they don't have clients or workers at their office, they have no need for liability insurance. However, your business could still be liable for injuries if a deliveryman or even just a random stranger is injured on your business property. General liability can help your business avoid thousands of dollars in expenses if there is an injury on your property.
3. Property Insurance
Property insurance protects your business property from losses due to theft, fire, or another type of damage. Be sure to protect your supplies, furnishings, and business equipment by buying business property insurance.
4. Business Interruption Insurance
If a natural disaster or fire closes your business down for more than a day or two, you could stand to lose thousands of dollars in revenue. Business interruption insurance will help pay your bills and keep your business afloat while your area recovers from a disaster or while your building is repaired.
5. Business Owner's Insurance
A business owner's insurance policy is kind of a hybrid insurance that often combines property insurance, business interruption, and liability insurance. These policies are usually cheaper than paying for separate property, business interruption, and liability policies.
6. Employment Practice Liability Insurance
Frivolous lawsuits are rampant these days, and just because an accusation is ridiculous and unfounded, doesn't mean that your business won't face the hassles and expenses of a lawsuit. Employment practice liability insurance can cover legal expenses and allow you to focus on running your business if you are unfairly accused by a former employee.
If you have questions about your new business and its insurance needs, contact
R. David Bulen Insurance Agency today!
Source:
http://www.inc.com/magazine/20080901/how-to-buy-the-right-business-insurance.html