Business insurance is important for business owners, but many are underinsured. 75% of American business owners only have about 60% of the amount of insurance they should have, according to Entrepreneur. So, business owners are at risk of a lot of financial loss if something goes wrong. However, several business insurances are available to help business owners protect their assets.
Property Insurance
This insurance protects business owners from loss or damage to their business property. It can include the building, the contents inside, business equipment, and other property. This insurance can help business owners recover from fires, theft, vandalism, and natural disasters.
Product Liability Insurance
Business owners receive protection from claims made by customers injured by a business’s products. It can help cover legal defense costs, settlements, and judgments. Property damage and personal injury claims can be covered by this type of insurance.
Commercial Auto Insurance
When companies use vehicles for work, they should have this specific coverage. Commercial auto insurance covers the business owner’s liability if they cause an accident or damage to the business vehicles. This type of insurance doesn’t always come with a personal auto policy.
Workers’ Compensation Insurance
Most states require this insurance if a business has employees. It can help business owners with medical care and rehabilitation costs for injured employees. Workers’ compensation insurance can also help business owners with lost wages and death benefits.
Professional Liability Insurance
Sometimes called errors and omissions insurance, this coverage helps business owners with legal defense fees and settlements. It can cover claims of negligence, misrepresentation, and breach of contract. Professional liability insurance is important for businesses that provide advice or services to others.
Business Interruption Insurance
This insurance can help business owners with the costs of lost income and expenses if a covered event causes work to stall. Business interruption insurance can help owners pay employees, rent, and other bills. It can also help business owners cover the costs of relocating their business.
Having coverage from all the business insurances listed above can help business owners protect their assets and income. However, business owners should always consult with their insurance agents to check if they have the correct coverage. To get started with business insurance, contact us at Modene Insurance today!