Every business, no matter how big or small, should have business insurance to help cover the cost of property damage or liability claims. Some owners think they do not need it or that the cost does not outweigh the risk. But no matter how successful the business, disaster can strike at any time and without insurance, it could mean the end of the business.
Professional Liability Insurance
This policy is also known as errors and omissions (E & O) insurance and it protects companies and its employees against claims made by clients for negligent actions or inadequate work.
Property Insurance
Just as you have insurance on your home, you must also carry insurance on your business. This policy would cover the building and its contents, such as inventory, equipment, signage or furniture, whether the business space is owned or leased.
Workers’ Compensation Insurance
If you have even one employee, you should add workers’ compensation insurance to your business policy. If an employee were to become injured or die as a result of their work, this policy would cover medical treatments, disability or death benefits to the employee.
Product Liability Insurance
If a company manufactures a product for sale to consumers, this insurance is a necessity as it provides coverage against lawsuits due to damages caused by the product. Even if you have taken every precaution and thoroughly tested the product, there is always a chance of a lawsuit resulting from its use.
There can always be exclusions to certain policies, as each type of policy has its limitations. Also, this is not an exhaustive list of all available coverage for business insurance. An experienced agent, like those at Webb Financial, can help you determine which options are best suited to your business and explain the details of the policies. Contact us at 847-604-5434 for more information on how you can protect your business.
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