Types of Insurance Policies Your Business Needs

As a lawyer, I can provide legal advice on what types of insurance policies your business should have in order to protect itself from potential liabilities.

General Liability Insurance

General liability insurance is an essential policy for any business as it provides coverage for bodily injury, property damage, and advertising incidents that causes harm to a third party. This policy also covers legal costs that arise from lawsuits against your business as well as judgments and settlements that are awarded. General liability insurance protects businesses from a wide range of risks, and I highly recommend that your business obtain this policy.

Professional Liability Insurance

If your business provides services or advice to its clients, you should consider getting professional liability insurance. Also known as errors and omissions insurance, this policy covers you in the event that a client alleges that your advice or services caused them harm. Professional liability insurance is especially useful for businesses that work in the fields of finance, law, real estate, and healthcare.

Workers’ Compensation Insurance

Workers’ compensation insurance is required by law in most states and provides coverage for employees who are injured on the job. This policy covers medical expenses, lost wages, and disability benefits for employees who are injured or become ill as a result of their work. Workers’ compensation insurance protects your business from being sued by employees who are injured on the job, and it is crucial to have this policy in place to avoid costly legal battles.

Property Insurance

Property insurance protects your business against losses or damages to your physical property, such as buildings and equipment, as well as losses to business property, like inventory, computers, and furniture. If your business owns any physical property, it is wise to obtain property insurance as it helps your business recover from accidents, theft, and other unforeseen events.

Conclusion

Your business should obtain general liability insurance, professional liability insurance, workers' compensation insurance, and property insurance to protect itself from potential liabilities. Each policy provides unique coverage that safeguards your business from different risks. It is vital to work with an insurance agent to select the best policies for your business based on your specific needs and risk level.