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 is similar to homeowner’s insurance in that it generally covers the building itself, the contents within and some exterior elements such as landscaping and signage. Fire, storms and theft are often covered but remember that flood insurance must be acquired separately.
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.
