Own Your Own Business? 3 Types Of Business Insurance You Need

If you own your own business, you need to have business insurance to protect you and your employees. To help you, below are three types of business insurance that is available to you can you can choose what you would like to purchase.

Workers' Compensation Insurance

In most states it is the law that you provide your employees with worker's compensation insurance. Even if this is not a law for your state you should still consider having this. Worker's compensation insurance will cover employees that may become ill or injured while they are on the job. For example, one of your employees may slip and fall due to an obstacle or a wet floor.

The laws of worker's compensation are different depending on the state that you live in. Because of this, things can become confusing quickly. To help, talk with your insurance company about the laws and about purchasing worker's compensation insurance. The insurance company can ensure you get the coverage that you must have and need for your business.

General Liability Business Insurance

General liability business insurance protects your business and you if your company is sued by someone. For example, someone may claim things like injuries, accidents, or make claims of negligence. General liability insurance can protect you as it will pay for legal costs that will occur. For example, you may have to hire a lawyer and the case may even go to court. This insurance will also pay for things like medical expenses, property damage, and more.

If you do not have general liability business insurance and someone makes a claim that results in you having to spend a lot of money you could lose your business quickly.

Property Business Insurance

Property business insurance is also known as commercial property insurance. This type of insurance is important. This is because if you have property damage, damage to your equipment or machinery, damage to your building due to storms or vandalism, or damage to inventory you need to keep your business running, property business insurance will pay to replace or repair these things.

You will find two types of property business insurance available. One type is known as All Risk. This type covers almost everything you have. There are also peril specific insurance policies available. For example, you could purchase property insurance to cover things if there is a flood or high winds. This is a good idea if you live in an area that gets a lot of rain and storms.

Talk with an insurance company, like Welsh Insurance Agency Inc., about these types of business insurance. They can also give you information about other types they can offer you.