Whether you are starting a new business or are working on securing your current one, getting the right insurance policies can make all the difference. It might seem like you don't have a lot of risk, but there is risk involved with every type of business from retail stores to accounting firms. The following policies are important to get for protecting your business.
If you only get one commercial insurance policy, it should be general liability. This helps to protect you from lawsuits and litigations, injuries, and settlements. There are several areas of general liability coverage, making it a highly beneficial commercial insurance policy. For example, general liability includes helping with legal fees related to claims from a customer or client about your product. If it caused them personal injury or illness, or damaged their property, they could sue you for the damages. General liability should help with these costs. It also helps to cover against advertising claims, so if you are sued for false advertising, you have coverage for the legal costs.
You also want to have property insurance just in case there is an accident or natural disaster that causes damage to your property. Some general liability policies do have minor property coverage, but you should have a more extensive policy so you are covered effectively. If there is an earthquake in your area that damages your commercial building and breaks windows, the property insurance policy should help to pay for the damages. It also includes coverage for business property indoors, like your computers and office equipment.
This commercial insurance policy not only protects your employees, but your company as well. If an employee is injured, the workers' comp policy helps to pay for their medical treatment and often includes lost income benefits if they have to take time off work from the injury. If employees were not covered by workers' comp, your company could be sued for damages since it was a work-related injury. This would then require you to lose quite a bit of money by paying for damages, so it does protect your company assets as well.
While considered an optional commercial policy, it is highly recommended. Crime insurance typically covers theft and vandalism of your business property, protection against cyber-related crimes, and protection from dishonest employees. If an employee is found to be stealing money from the cash register, the crime insurance policy should help replace the missing money.