What business insurances do I need?

In our previous blog we mentioned business insurance as one of the necessary elements when we open our own business. Now, insurance is something a bit simplistic and inaccurate. Why? Because there are VARIOUS types of insurance that you are going to need, especially if your business grows.

Why is this? Because business insurance is built with limited protections. This allows you to pay only for what you need to protect. For example, you don’t need fall protection if you don’t work climbing roofs, or protection for your refrigerators if you don’t transport or store perishable foods.

Now, how do I know what I need? The best way is to visit a commercial insurance specialist for an analysis. Above all, because there is no one insurance company that offers ALL protections. (You can book a free appointment by calling 702-997-2982 or you can email emarrero@farmersagent.com with any questions). Meanwhile, I will leave you with a summary of the most used insurances and how they work:

GENERAL LIABILITY: This coverage protects against financial loss as a result of bodily injury, property damage, medical expenses, libel, defamation, court costs, and settlement or trial bonds.

PRODUCT LIABILITY: This coverage protects against financial loss as a result of a defective product causing bodily injury or damage.

PROFESSIONAL LIABILITY: This coverage protects against financial loss as a result of malpractice, error or negligence.

PROPERTY INSURANCE: This coverage protects your business against loss and damage to company property due to a wide variety of events, such as fire, smoke, wind and hail, civil disturbances, and vandalism.

Home Business Insurance: Coverage added to homeowner’s insurance can offer protection for business equipment and liability coverage for third-party injuries for a small amount.

BUSINESS OWNER PACKAGE (BOP): A business owner’s policy is a package of insurance that combines the most common coverage options into one package. It simplifies the process of buying insurance and can save you money.

WORKERS COMPENSATION: It is a policy that covers assistance to employees in case of work-related injuries or illnesses.

These are some of the most general. However, there is another one that creates a lot of confusion. I will be talking about with you in the next blog: the Commercial Auto Policy.