The number of options for business insurance can be overwhelming. Every business owner needs to manage risk, and selecting insurance is among the easiest, and best, ways to do that. The right insurance protection helps your venture get off the ground and grow into a successful business. Buying insurance is a task you should consider before you officially launch the business. Property damage, theft or a customer lawsuit can be costly, so you need to be sure you are properly protected.

Several Types Of Business Insurance

The following is a list of insurance types, so you must decide which your business will need. All of these policies protect your company’s assets in the event of an incident.

  • General liability insurance
  • Commercial property insurance
  • Business interruption income insurance
  • Workers’ compensation insurance
  • Unemployment Insurance
  • Professional liability insurance

You need to decide if your business will have employees. If so, you will need workers compensation and unemployment insurance. Other things that determine the type of insurance you need is the location of the business and the type of industry you are in. Usually, general liability or a business owner’s policy covers property damage, bodily injury, and personal injury to yourself or a third party. If the business provides a service, professional liability insurance is a consideration. Business interruption insurance is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.

Buying business insurance can be a confusing process for anyone. If you need guidance on the best insurance products for your business, or simply need a better understanding of insurance terms and coverage, be sure and call an insurance agent.

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