Business Insurance: What You Need To Know As A Business Owner

As an entrepreneur, you devote time, energy, and a great deal of money to building and maintaining a business. Fraud, theft, natural calamities can put this hard work at risk. 
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Having business insurance is making sure you protect your company and employees from these and other risks. Here are the most common coverages you can have to safeguard your business:

General Liability Insurance
General Liability insurance protects your business from claims of accidents in the business premises or false advertisement.  This is excellent coverage if your business has a physical location.

Worker’s Compensation Insurance
Worker’s Compensation coverage shoulders medical care and loss of wages when an employee gets injured on the job and is unable to work for the meantime. Laws limit the amount that has to be paid out. It does not require establishing who is at fault. 

Disability Insurance
Disability Insurance covers a part of the employee’s income if either an employer or employee is unable to work for a while. Maternity leave coverage is considered under short-term disability. 

Unemployment Insurance
The Unemployment Insurance policy is mandated by federal law when an employer who quarterly pays more than $500 for salary or has at least an employee for a minimum of 20 weeks per year. It could cover for a part of the lost wage due to specific reasons, like being laid off. 

Directors and Officers Insurance
This insurance is to protect assets personally owned by directors and company officers in the event of lawsuits about their management. 

Property Homeowners’ and Renter’s Insurance
Property and Renters insurance safeguards the structure and items inside the company building in the event of theft, fire, vandalism, or natural disasters. You can protect the inventory, PCOS system, and other essentials stored there.

Professional Liability Insurance
Professional Liability coverage protects companies or freelancers that offer services and advice. These claims might be negligence, omission, or error. 

Product Liability Insurance
Product Liability Insurance protects manufacturers from claims of injury and damage. For example, a battery company makes and sells it, and the battery causes a fire. Whatever damage it causes, the responsibility should be covered by the battery maker’s insurance.

You worked hard for your business. It is a product of blood, sweat, and tears. As a responsible businessman, it would be best to make sure that your coverage is enough.  Protect your employees and business to make sure no hard work is in vain. Ask around and research on the best insurance you could get to take care of your business.

At Insurance Marketplace, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (541) 779-0177 or Click Here to request a free quote.