Whether your business is brick and mortar or if it is home based, every business owner needs to have liability insurance. In the unfortunate case that your products or service cause harm, property damage, or bodily injury to a third party this type of insurance policy provides defense and damages. In many cases Corporate structure does not protect your business only personal assets. In some cases the corporate structure can be pierced.
In the case that you own a building or have business equipment including; computers, inventory, tools, etc. it is important to consider a policy that protects you from fire, theft, vandalism, etc. If you rent or lease a building, it is still important to have this protection as most leases do not cover your losses in the unfortunate event of damage. You may also want to consider interruption insurance to be added to the policy in the case that your business is unable to operate your income is protected.
Workers Compensation Insurance
For any business owner with employees this type of insurance is a must-have. It is important to have workers compensation insurance as a business owner because it protects you and your employees from any arising legal complications. Laws can vary from state to state but in most cases it is required that you have workers compensation insurance coverage and any type of penalty for non-compliance can be very high.
Professional liability insurance provides defenses and damages for failure to or claims of improperly performing any type of professional service. It is important to know that general liability does not provide this type of protection and is very important to understand the difference. Professional liability insurance is a very important insurance to have and is applicable to many different types of business’s including accountants, lawyers, consultants, real estate agents, notaries, tech firms, hair salons, etc.
In the 21st century Cyber Insurance is starting to become a must-have for business owners. If your business stores sensitive or personal information about you employees or clients on computers or servers you are responsible for protecting that information. Cyber Insurance provides protection and coverage if a breach occurs electronically or from a paper file.
It is also important for business owners to consider commercial auto insurance, life insurance, disability insurance, renters insurance. In some cases umbrella policies can further protect your assets as well.