Types of Insurance for Your Business
Taking a chance on yourself and starting your own business is scary and exhilarating. However, before you open your doors and start making your presence known, you need to protect yourself, your product, your property, your investments, and future employees. An independent agent in your area can help you put together a complete insurance portfolio for your business.
Insurance for every aspect of your business
When you’re preparing to launch a new business venture, you want to think positive and keep your eye on the prize. However, you also have to be realistic about all the things that could go wrong. There are several types of business insurance that you will need to protect every aspect of your business. Insurance is one expense where you don’t want to compromise. It’s better and more cost-effective to have insurance and not need it than it is to need insurance and not have it.
You need to protect yourself in the case of accidents and injuries, or if you are accused of negligence. General liability will protect you in case someone is physically injured.
On top of general liability, you need to get product liability in case you are held liable for the malfunction of a product. Product liability will protect you against financial loss as a result of the product being defective or unsafe.
Professional liability insurance
Depending on your industry, you may be required to carry professional liability insurance in addition to product liability to protect you in case you are faced with malpractice lawsuits.
Commercial property insurance
Whether you have a physical office space or you are working from home, you need to get a separate insurance policy for your place of business. If you are working from home, your home insurance won’t cover business losses due to theft, fire, flood, or other occurrences.
Talk to a local agent about your business insurance options
AAI Central is an independent agency in Thornton, Colorado. As business owners, we understand the special protections businesses need to prosper. Whether your business is big or small, simple or complex, we have the special knowledge and expertise to identify ways to properly insure your business.