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Common Types of Business Insurance

Common Types of Business Insurance

When you start a business, you have to consider a myriad of minute details. One of the most important of these details is the insurance you choose for your new venture and how you update your policy over time. This can be dictated by many aspects of your business—such as your number of employees and your services offered—but, at the end of the day, you need to be protected. Here are a few common types of business insurance to consider.

Property Insurance

Nearly every business has an office, retail, or industrial space of some sort. Work needs to be done somewhere and that location is subject to any number of potential hazards and risks. Whether you own or rent your place of business, property insurance can cover things like the equipment and inventory on your property—it can even cover the signs outside. This is a beneficial coverage to have because it ensures that whatever specialized equipment or product you own is insured against harm.

Worker’s Compensation Insurance

Worker’s compensation insurance is essential in protecting both your business and your employees, especially in the event of a work-related injury or accident. As soon as you have brought on your first employee, make sure to add this policy to your business insurance. This type of insurance covers an employee or their family when an incident occurs such as medical treatment and disability or death benefits.

Professional Liability Insurance

This is a general but important type of insurance, covering incidents or accidents that may happen involving your business, employees, or customers. Also known as errors and omissions insurance, professional liability insurance covers you from negligence claims related to personal injury cases. Because this is a general policy, it will need to be customized to your particular industry. For example, if you are in the medical industry, you may need to get in contact with a medical malpractice insurance agency and tailor your policy to the type of medicine you practice.

The world of insurance is vast, and these are only a few of the common types of business insurance. However, the most important thing to do is to consider what insurance is essential at the outset of your business venture. Get in contact with some insurance providers and hammer out what you will need as you start out.

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