When you start a business, you need to have insurance. The problem is that there are so many different types of insurance that choosing the right ones can be a daunting task. When you look at business insurance, there are some policies that every business needs to have and you should start with this.
One of the insurance policies that all businesses need to have is worker’s compensation. All states will require businesses to have this insurance, but the requirement will generally come into effect at different employee levels. Regardless of the number of employees you have, you need to look at this kind of insurance.
This kind of insurance will protect your business in the event of an injury sustained on the job. Worker’s compensation will cover the medical costs related to the injury, the loss of income and any rehabilitation which is needed. It is recommended that you cover yourself as well as your employees with this kind of insurance.
Another type of insurance that all businesses need is property insurance. This will protect your building and the contents such as your business inventory and equipment. However, it is important to note that this is one of the insurance policies where you might over-insure yourself.
If you do not have a lot invested in the property or little stock, you need to be careful with this insurance. It is also important to note that certain basic damage might not be covered by the insurance policy. Losses from natural disasters will generally not be covered along with any utility failures.
General Liability Cover
General liability cover is something that a lot of small businesses overlook, but is actually something that you need to have. This is due to the fact that any serious claims against your business could easily wipe your finances and force you to close. General liability insurance will cover any damage or injury that is caused by your company or products to people and their reputation.
If you have premises that your clients can enter, you need to have this kind of insurance. Most standard policies will have a limit of $1 million per claim. This will generally be enough for most small businesses, but if you feel that your liability is greater, you may have to take out an umbrella policy which will cover the difference.
Business Vehicle Insurance
Business vehicle insurance is not a necessity, but you should seriously consider this. This insurance can cover the cars that your business owners, leases or simply uses. It is recommended that you have this cover even if you or your employees use your own cars for business use. This coverage will ensure that if there is an accident, the insurance company will take care of it.
There are many different types of business insurance and this can make it hard to determine which ones are right for your business. However, there are certain policies that all businesses will need to take out either by law or for their own protection. You should start with these insurance policies because they will cover the basics of your business. Visit best insurance consultant to learn more about insurance.