Owning a business can be risky, but being fully insured minimizes the risks. The following are some of the most common types of insurance needed by business owners.
Property
Commercial property insurance covers the building, its contents, and exterior elements like landscaping and signage, protecting against risks such as fire, storms, and theft. It’s important to note that flood insurance is typically separate. To ensure comprehensive coverage, property insurers may require specific safety measures, such as smoke alarms and alarm systems for theft prevention, which can also help lower premiums. For restaurant owners in Washington, opting for Washington Restaurant Insurance ensures protection against these types of risks while meeting necessary safety requirements. This proactive approach not only safeguards your assets but also enhances the overall safety and security of your establishment.
Liability
General liability insurance covers your business when you are deemed responsible for accidents, injury or other damages. Artisan insurance Maitland FL is a type of liability insurance available for artisan contractors, such as carpenters and landscapers, to cover errors in craftsmanship. Errors and omissions insurance is similar insurance available for those who provide services in financial, legal and other professional fields.
Income
If your business is closed, you no longer have income coming in. This can make it difficult to reopen after a loss. Fortunately, income insurance can help you keep up with your regular payments: payroll, rent, taxes, etc. A policy may also help you pay for temporary relocation.
Auto
Work vehicles are at higher risk than personal vehicles, so specialized insurance is necessary. Standard commercial auto policies only cover the vehicles the business owns. Another type of insurance, known as hired and non-owned, is available for businesses that are renting vehicles for commercial use.
Worker’s Compensation
Worker’s compensation insurance protects the owner from being sued by employees who were injured on the job. It covers lost wages and medical expenses to injured employees.
Every line of work has risks associated with it. Understanding those risks and properly insuring your business gives you peace of mind knowing that one accident or mistake will not bankrupt you. Speak with your insurance agent to make sure you have the proper coverage and limits for your unique business.
