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Whether your business has one employee or hundreds of employees, having the right insurance can mean the difference of your business succeeding or failing when disaster strikes. There are numerous kinds of insurance that a business may or may not have or be required to have. Below are some guidelines for different basic coverage. Each industry has different standards and should be investigated thoroughly before commiting on a plan. An insurance agent can help guide you to the right plan for your company.
Business Insurance Policies:
- Protect building(s) that the business is run out of or where business storage is kept
- Covers business interruption so that salaries can still be paid in the event of catastrophe
- Liability coverage--covering the business from damage to others that the company may be held liable for
Business Insurance policies should be in addition to other insurance that a business might have such as, a commercial auto policy, worker's compensation, health insurance, or disability insurance.
Commercial Auto Insurance-- Do I need a policy?
It depends on what kind of driving you do and whether or not you have employees that drive commercial vehicles. If the business owns vehicles, then the policy should be in the business name. This will help avoid being held personally liable if their is a claim filed against you,, it will be the company that is held liable.
Worker's Compensation
This insurance is designed to help workers who have been injured or disabled on the job by helping them recoup the lost wages while they were out of work. This is trying to prevent workers from suing there place of employment for money lost. Each industry is different on what is required as well as each state has their own requirements. These should be looked into very specifically to make sure that a company is in compliance.
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