The choice of business insurance options available today is nearly as vast and varied as the enterprises themselves. With so many options, it can be hard to know which policy is right for you.
What Do You Do?
Perhaps the most important question to ask when selecting among business insurance options is what will the work entail. Most providers will offer some general liability underwriting, covering the cost of legal judgments and other unforeseen events, but some policies can be tailored to an individual company. For example, if you manufacture goods, you might want to look into product liability coverage. If you provide professional services, you’re probably interested in a professional liability package. Professionals almost always purchase malpractice policies, but an “errors and omissions” package can go further to cover negligence and other errors that arise in the course of providing service. If you’re an employer, no matter what the industry, you are legally required to purchase coverage for your workers. In all states, employers must carry unemployment and disability policies for their employees. In certain states (including California and New York), companies are also required to pay for an employee disability plan.
What Do You Have?
You can also tailor your coverage around the property you wish to protect. Broadly, a provider can indemnify your property. It’s no small investment to start an enterprise, and you may have more assets tied to your firm than you realize. A company’s property can include not only the brick and mortar and movables, but it may also extend to lost income and interruption of trade. Many people running their business out of their home mistakenly assume that their homeowner’s policy covers losses to their business, but it likely does not. Depending on your provider, they may be able to offer a rider for your home business assets, or you may need to purchase it from another company.