When you start a business, you expose yourself to several risks. Even before you hire the first, your business is at risk. That’s why it is vital to get the appropriate insurance coverage in place. One event or lawsuit is sufficient to wipe your business before it gets off the ground.
Luckily, reputable insurance agencies such as Demont Insurance agency offer a wide range of business insurance coverages to protect businesses against such risks. Below are some insurance coverages that your business should have in place.
Also referred to as errors and omissions insurance, professional liability insurance covers businesses against negligence claims due to losses caused by its failure to perform. Each business has its unique concerns that are addressed in an individualized policy for business.
Property insurance is mandatory regardless of whether a business leases or owns its space. This insurance covers inventory, equipment, furniture, and signage in case of theft, a fire, or a storm. However, mass destruction due to earthquakes and floods is usually not catered for under standard property insurance.
The moment you hire the first employee, you should ensure that workers’ compensation insurance is in your business’s insurance policy. The policy covers death benefits, medical treatment, and disability in case an employee dies or gets injured at work. Even if your employees are carrying out low-risk work, medical conditions or slip-and-fall can result in costly claims.
Product liability insurance
Product liability insurance policy is a must for business which manufactures items for sale. Even businesses that employ stringent measures to ensure their products are safe might find themselves facing lawsuits due to damages brought about by their products. Product liability insurance protects businesses in such eventualities, with coverage custom-made for a specific type of product.