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Business Insurance

Protecting your Business’ Future With Business Insurance

Whether you have a large or small business, you need to protect it. Business insurance helps to protect you, as the owner, from risks that inherent with owning a business, such as a lawsuit, injured employee, partner death, or a natural disaster that damages your business.

Business insurance minimums are largely dictated by the state in which your business is in. Most states at the minimum require you to have worker’s compensation insurance, unemployment insurance, and disability insurance. These costs can add up, but if you do not take out these policies, you could be facing fines from your state, as well as court settlements if some of these events occur.

If you have cars or other vehicles that are used in the business, you will also need commercial vehicle insurance to protect your investment in the vehicles, as well as costs that can be associated with an accident. A need for a loan can also require certain kinds of insurance to protect the investment that the loan covers.

Your personal assets can be protected if you set up a limited liability corporation (LLC). This will protect your assets from liability and will offer protection against other losses. This, in addition to business coverage, is very important.

To protect the operation of your business and any assets that you may have, you want to look at the different policies that are available. What you choose will depend upon the kind of business that you have.

General liability is the foundation for any business insurance. Legal issues that come from injuries, accidents, and negligence claims are the most common coverage areas. Other costs that are covered including costs associated with libel, slander, medical expenses, property damage, and lawsuit defense.

Depending upon your risks, you may also need professional liability insurance that protects you against negligence claims due to your providing a service. Financial losses from products can be covered by product liability insurance.

Doctors need malpractice insurance, which is a kind of professional liability insurance. If you have property owned by your business, you need commercial property insurance to protect you if a fire occurs or other event occurs. You can choose from an all-risk policy or a risk specific policy.

If you decide to go into business, check with your insurance agent to determine what kind of business insurance is the right choice for your particular business and for you.