Get Back to Business Safely with These Insurance Policies
Insurance Policies Your Business Should Consider for a Safe Reopening
Starting a business is a fantastic journey that comes with risks. From day one, there are risks associated with every move a company makes. Knowing this should discourage anyone from becoming an entrepreneur; it should allow business owners to make prompt decisions to keep their business safe.
Running a business without the appropriate insurance coverage endangers the entire operation. Still, you can correct it by working with your insurance agent and selecting the right level of coverage for your business.
In times like this, when many business owners are anxiously awaiting the opportunity to get back to business as usual, taking time to work on a customized insurance plan is essential. Even if you’ve already reopened, there are some insurance policies you should consider getting to protect your business.
Worker’s Compensation Insurance
This type of insurance helps you cover medical expenses, rehab and death benefits, and a portion of lost wages if one of your employees ever becomes injured on the job. Without a worker’s compensation insurance policy, your business could be severely affected financially due to a pricey claim.
Errors and Omissions Insurance
Most small business owners don’t think they’ll ever face a lawsuit. However, these things happen more often than people might think, and the financial problems that they can bring can be devasting for a small business. E&O insurance, also known as professional liability insurance, is critical for service-based companies. It will protect your business, reputation, and employees if you ever face negligence claims —even if you haven’t done anything wrong.
Business Interruption Insurance
If something major, like a catastrophic event, happened tomorrow and your business had to be interrupted, you would likely experience income loss and the consequences of that. Companies with a physical location can enjoy the benefits of business interruption insurance, which will compensate them for the lost income caused by such events.
Although auto insurance is mandatory in most states, having insurance coverage for your company vehicles is ideal. This policy will protect your business against liability if one of your cars is involved in an accident. Third-party injury and comprehensive insurance make a great combo that will give you peace of mind.