Starting a business can feel like a big risk. Even if you do everything you’re supposed to do, there are no guarantees. But you can still prepare for what’s ahead and protect yourself from unforeseen problems. How do you do that?
With business insurance.
Why Do I Need Business Insurance?
When going into business, your finances can quickly become stretched thin. Every dollar must count. If something goes wrong, you’re probably not in a position to handle it financially. Someone could sue you. You could cause an accident or injury. Your equipment could break down. Your office building could be damaged or vandalized.
All of these are unexpected costs that could break your business and put you in financial ruin. Business insurance is there to protect against these situations.
What Types of Insurance are Available?
As with most types of insurance, there are a range of business insurance policies available depending on your setup and your needs. The best way to decide on what you need is to speak to an insurance agent.
Before you do that, however, you may want a better grasp on the subject. If so, here are some brief descriptions of the most common types of business insurance out there, and what they’re used for.
This is the most common type of business insurance and one that every business should have. General liability insurance will protect you and your employees from damages, accidents, allegations, injury, and more.
If someone comes after you or accuses you of bringing them harm, liability insurance will protect you.
Professional Liability Insurance
Not to be confused with general liability, this policy is for businesses that provide a service to their customers. It’s sometimes referred to Errors and Omissions Insurance, as it protects you from failures and mistakes made on your behalf.
If you cause damages or harm due to negligence or malpractice, your general liability insurance will not cover you. You need Professional Liability Insurance.
If you own property under your business, you need commercial property insurance. Not only does it protect the building, but it covers the equipment inside of it as well. This will keep you safe against fires, floods, theft, vandalism, and more.
You can also package your general liability and property insurance under a BOP or Business Owners Insurance Policy, saving money and making things simpler.
Commercial Auto Insurance
Do you operate a vehicle for your business? Then commercial auto insurance is a must. Traditional auto insurance policies may not cover your commercial use. In fact, using your personal vehicle for work may violate the terms of your personal car insurance policy.
With commercial auto insurance, you can enjoy the same protection a personal policy brings and more. Consult with a professional to see whether or not you need commercial auto insurance.
But Wait, There’s More!
There are business insurance policies out there to cover virtually every facet of your business, regardless of what industry you work in. To make sure your properly protect, speak to an insurance agent.
At Link-Hellmuth, we’re experts on business insurance in Springfield, OH and beyond. Contact us today, and take some of the risk of your business’s future.