Essential Types of Insurance Every Business Needs

Key Takeaways:

  • Types of insurance your business needs.
  • Why having the right business insurance is important.
  • Real life examples where insurance made a difference.
  • More resources to learn more about business insurance.

Business Insurance

All businesses big or small face many risks that can result in big losses. You need the right insurance coverage to protect your business. Business insurance is for everything from workers comp to general liability. Businesses looking for comprehensive insurance in Tallahassee have many options to protect their business from the unexpected.

The peace of mind of knowing your business is covered can’t be overstated. Business insurance protects your assets and your business from unexpected events. As the business world changes the need for good insurance becomes more clear, it’s security and stability.

General Liability Insurance

General liability insurance is a basic coverage every business should have. It defends your business from claims of property damage or personal injury. If your business is found liable this kind of insurance is important to pay settlements or judgments, medical bills and legal fees. For example general liability insurance will pay for the damages if a customer slips and falls on your property.

Property Insurance

To protect your business’s tangible assets—buildings, machinery, supplies and furnishings—property insurance is a must. Property insurance helps pay for the cost of replacing or repairing lost or damaged property in the event of a fire, theft or natural disaster. According to the Insurance Information Institute many businesses underinsure because they don’t account for the value of their property. Having enough property insurance means your business can recover faster from these losses.

Workers’ Comp

In most states workers’ comp is mandatory and covers employees who get sick or injured on the job. This kind of insurance pays for medical bills, rehab expenses and a percentage of an employee’s lost income due to an injury. Insuring your company against workers’ comp claims also protects your employees. A New York Times study shows how underinsured companies and their employees get financially hurt.

Professional Liability

Professional liability insurance (also known as errors and omissions insurance) protects your company from lawsuits alleging you were careless, made a mistake or left something out in your work. For companies that offer professional services like consulting, legal advice or medical care, this kind of coverage is especially important. The cost of defending your company in court and any settlements or awards that may result from those claims are covered by professional liability insurance.

Bottom Line

Insurance is more important than ever. From general liability to workers’ comp to professional liability, each kind of business insurance is vital to your company’s bottom line. Get coverage for your business today.