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Business Insurance

Business insurance is used to protect businesses, business owners, and business employees from financial losses. Starting a business is costly, and having the proper insurance provides the business owner with the peace of mind of being financially protected if they are sued or their property gets damaged or destroyed. Insurance is an investment in protecting a business from future unforeseen losses that can ruin the livelihood of the business owner and his or her employees.

There are several types of insurance a business owner can choose from. We recommend working with an insurance agent or broker to determine which policies are appropriate for your business. The most common insurance policies for businesses are:

• General Liability Insurance – This policy protects business owners from having personal assets taken from them if they lose a judgment. An LLC or corporation protects business owners from most personal liabilities, and general liability insurance covers what is not protected.

• Product Liability Insurance – This policy financially protects business owners from lawsuits in which bodily injuries occur due to defective products. Manufacturing, wholesaling, distributing, and retailing companies are exposed to product safety issues, so it is important to have the right amount of insurance based on the products they create and sell.

• Errors and Omissions Insurance – This policy financially protects business owners and workers in certain industries from lawsuits dealing with malpractice or negligence. In certain states, physicians are required to have E&O insurance, and people working in the financial services industry often have this type of insurance.

By law, any business that has employees must carry workers’ compensation insurance and unemployment insurance. Workers’ compensation insurance provides financial compensation to employees who get hurt on the job and are unable to work. Unemployment insurance provides financial compensation to employees who get laid off from a job. Other types of insurance that business owners may consider are life insurance and disability insurance. Business owners should assess the risks involved in their business and purchase the appropriate amount of insurance to protect themselves, protect their business, and to protect their employees.

All business owners should assess the risks involved in their business and purchase the appropriate amount of insurance to protect themselves, protect their business, and to protect their employees from unforeseen events.






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