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Business insurance can cover a variety of areas:
General Liability Insurance: Every business needs to have liability insurance. Liability insurance protects your businesses assets and pays for obligations such as medical costs if someone gets hurt on your property or when there are property damages or injuries caused by you or your employees. Liability insurance also covers the cost of your legal defense and any settlement or award should you be successfully sued.
Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, water damage etc.
Business owner’s policy (BOP): Insurance policies that combine protection from all major property and liability risks in one package. A Business Owner Policy or BOP is an insurance package that assembles the basic coverages required by a business owner in one bundle. Often the business owner can save money with this type of policy.
Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can be insured for damage and collisions to all vehicles. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage.
Professional Liability Insurance: Also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection. If you provide any professional service including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers you will want to protect yourself with Professional Liability Insurance.
Life Insurance: Life insurance protects your beneficiary upon your death. The benefits can help the beneficiary to maintain the business or to even buyout a partners equity in the business. This type of insurance is very important because it allows for peace of mind.
Disability Insurance: Disability insurance can cover the owners loss of income, cover the cost of loosing a key employee or even provide the cash needed to buy out a partner who becomes disabled.