If you own your own business, you have probably thought about getting business insurance. However, you may be surprised to learn that there is no simple yet comprehensive package that covers everything. You may actually need to have a number of different insurance policies to fully protect your company. Without all of these different policies, one wrong move can lead to your business being vulnerable to a lawsuit. Here are some of the necessary insurance policies.
Commercial Auto
If any employee is going to be using a company vehicle for anything, you will need a commercial business insurance policy that covers its use. This will protect you and the employee in the event of an auto accident. As with personal auto policies, business vehicle insurance can range from third-party injury coverage to full comprehensive coverage.
Property Insurance
Another required type of commercial business insurance is property coverage. This insurance policy will protect your business from losses incurred on property you lease or own. If your equipment, inventory, furniture, or anything else is damaged in a fire or storm, the policy will pay out. It also covers theft. However, it’s important that you read the exclusions on your policy. Generally, things such as earthquakes and floods are not covered. The experts at J.W. Hoban & Associates can answer any questions you may have about what is and is not covered by one of these policies.
Liability
General liability insurance is a must-have for any business. In fact, it can be hard to operate a business without this type of commercial business insurance. It protects the company and its owners from accidents, negligence, and lawsuits due to mistakes. It’s sometimes referred to as an errors and omissions policy because it protects you against errors made on the job. This type of policy is often customized for your industry and business because it is a fairly broad category. You can also connect them on Facebook.
