Business Insurance is an essential expense for every company. But how much insurance and which types does your company need? The best way to make sure your business is properly insured is to meet with your insurance agent. But to get you started, here are three types of business insurance every company needs.
Business Property Insurance protects business structures and their contents against loss due to fire, theft or certain other disasters. Whether you own your business buildings or lease them, you need to make sure that they are protected. How long could you stay in business if a fire destroyed your building and the equipment you need to run your company? Business Property Insurance will help you to replace damaged or destroyed equipment and get back up and running quickly. Even if you are a home-based business, you still need Business Property Insurance. Most homeowner’s policies do not cover business equipment for home-based businesses.
Liability Insurance protects businesses—and their owners—against claims that the business, its products, or one of its employees has caused injury or harm to another person or business, because of a defective product or lack of care. Liability Insurance can also protect your business from claims arising out of errors in service or an accusation that your business has created a hazardous environment that places others at risk or has caused injury to another.
Workers’ Compensation Insurance protects your employees in the event of an on-the-job injury. Workers’ compensation Insurance covers the medical costs for an injured worker and some of the lost wages they suffer as a result of their injury. Workers’ Compensation Insurance is no-fault coverage and covers your employee’s injuries regardless of who was responsible. If an employee is killed on the job, it will compensate the employee’s family. Any business with more than three to five employees is required by law to carry workers’ compensation coverage.
Is your business protected? Do you have these three coverages for your company? To make sure you are adequately insured and have the right types of business insurance for your company, call Roper Insurance today at 303-721-1145 for your free insurance checkup.