Everything You Need to Know about Business Insurance
Business insurance is one of those gray areas. Do you need it or don’t you, and, if so, what kind? For certain businesses – for example, amusement parks and health care related industries – it’s an absolute necessity from the get-go, but what if you run a freelance business or engage in low-risk work? Is business insurance a requirement?
Property Insurance – Whether you own a large commercial manufacturing business or run a home-based business, protect your assets and the equipment, fixtures, and furniture inside of it. Home based business owners should also be aware that home insurance doesn't’t always coverage home-base business losses.
Business Income Insurance – Coverage includes loss of income suffered by a business when damage to the premises is caused by a covered loss and that damage causes a slowdown or suspension of its operations. Business income coverage is also referred to as business interruption coverage (BIC).
General Liability Insurance – This is the silver bullet for protecting you, your business, and your employees from any damages incurred as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.
Products Insurance (part of General Liability) – This protects businesses that manufacture, distribute, and retail products against any financial loss incurred as a result of a defective product that causes harm or injury.
Professional Liability Insurance – Also known as errors and omissions insurance, this protects against errors, malpractice, and negligence in the provision of services to your customers. This is often recommended to businesses who provide services such as tax or financial advice, as well as physicians (who are often required by state law to carry this insurance).
Workers’ Compensation Insurance – This form of insurance provides wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence.
Business Auto Insurance – This covers a company's use of cars, trucks, vans, and other vehicles in the course of carrying out its business. Coverage may include vehicles owned or leased by the company, hired by the company, or employee-owned vehicles used for business purposes.
No matter the nature of your business or its size, not having adequate insurance could destroy it. Fortunately, there are coverage options available for every type of situation and risk you might face. Contact your AAA Insurance Agent today at 1-800-974-1222, and we can advise you on the kind of coverage that is appropriate for your particular business needs and level of risk.