What Types of Business Insurance Should You Have?

No matter what type of risks your business may face, there are insurance coverage options available to help protect your company. When determining which types of insurance to invest it, be sure to consult with your insurance agent. They can help guide you in the right direction and ensure your business is properly covered in case any issues arise down the road.

5 Types of Business Insurance to Consider

Consider the following 5 types of business insurance to help safeguard your company and minimize potential financial setbacks in the future.

#1 General Liability Insurance

General liability insurance typically covers legal issues due to injuries, accidents, and negligence claims. This type of insurance protects you when claims are made regarding libel, slander, settlement bonds, lawsuit defense, property damage, bodily injury, medical expense, and more.

#2 Product Liability Insurance

If you sell a product, you may be held liable for its safety. Product liability insurance is most necessary for businesses that wholesale, distribute, or manufacture products. This type of insurance can protect your business from monetary losses should a defective product cause bodily harm or injury to one or more individuals. Speak with an experienced insurance agent to determine the amount of coverage you should have, which is dependent on the products you manufacture/sell.

business insurance

#3 Professional Liability Insurance

If your business provides services, you should strongly consider investing in professional liability insurance, sometimes referred to as errors and omissions insurance. This type of insurance helps to safeguard your company when it comes to issues such as errors, malpractice, and negligence in regards to the services you provide to your clients.

Be sure to check state and local requirements, or consult with your insurance agent, as many types of professions are required to carry this type of policy, such as medical doctors being required to carry malpractice insurance in many states.

#4 Commercial Property Insurance

This type of insurance coverage protects your business when it comes to loss or damage of company property which can come as a result of storms, fires, wind, etc. Commercial Property Insurance can include everything from lost income to building damage to the contents inside the building.

To select the best possible type of commercial property insurance for your business, consult your insurance agent.

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#5 Home-Based Business Insurance

Now, more than ever before, businesses are being run out of the business owners’ homes. And, what many people do not realize is that home insurance does not cover your business’ losses.

Depending on the type of business you have, and the risks associated with your business, you may be able to add provisions to your existing home insurance policy to cover some basic business risks, like property damage. However, you may decide that these very basic add-ons will not suffice to properly protect your company. Consider purchasing additional insurance coverage, such as professional liability and/or general liability insurance to be appropriately insured.

Find The Best Business Insurance for Your Company

At GWK Insurance, we know that starting up and running a company is a lot of work, and adding shopping for business insurance to your already-full plate can feel overwhelming. But we are here to help you find the best possible business insurance to protect your company. Contact us today to help you find the best quotes for your insurance needs.