BUSINESS

6 Types of Insurance You Should Have as a Business Owner

Buying insurance isn’t the first thought while planning your dream business. It’s not the most glamorous part of the process, but it is one of the most important. You want to protect the precious assets you’ve worked so hard to acquire. These days, insurance isn’t a blanket term with a one policy fits all scenario. Fortunately, this handy guide is here to help you understand business insurance and its benefits.

1. Workers Compensation Insurance

One of a company’s most valuable assets are its employees. For that reason, you should take good care of them. Workers compensation insurance covers employees’ lost wages and medical expenses when work related injuries happen. The insurance makes sure employees have whatever they need to recover and return to work as soon as possible. Workers compensation is a no brainer, especially since it’s state required.

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2. Vehicle Insurance

You’ve taken care of your employees. Now, take care of your tangibles. Start by insuring company vehicles. Any vehicles purchased or used for business purposes should be covered. The most important part is making sure you’re protected from liabilities in the event of a third party accident. You can also look into the cost of collision protection. Make sure you understand the rules for various work related activities while employees drive.

3. Commercial Property Insurance

You may be thinking you don’t need it because you don’t own any property. If so, you’re wrong. If you own or even lease your space, commercial property insurance is there to protect your building and the property within it. Incidents like theft of property, damage, fire, flooding or other natural disaster can cause damage to your property. That’s why commercial property insurance is a must before opening your doors. When shopping for commercial property insurance Los Angeles is a great place to find a variety of options and reasonable quotes.

4. Product Liability Insurance

It’s becoming a tend for companies and soloprenuers to make or manufacture their own products. Even once you’ve got your formula down to a science, things happen. Some of the largest companies have announced recalls due to product defects. That’s where product liability insurance comes in. If customers complain or file a lawsuit, your company’s assets won’t be drained.

5. E&O Insurance

Also called professional liability insurance, errors and omissions insurance is for professional business owners and contractors. Financial advisors and brokers are a few professionals who have benefited from the protection of this product. If a clients files a claim of damage or lack of performance, you’ll be glad to have E&O insurance in place.

Having a hard time keeping up with so many insurance needs? Look at it this way; protect your property and products, your employees, and your customers. Start the process by finding commercial property insurance Los Angeles for the most reasonable way to cover your business.

Source

https://www.entrepreneur.com/article/241026#

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