If you own a business, you may worry that you don’t have the insurance coverage you need to protect yourself, your employees, and the business as a whole. Having the right kind of insurance is an essential part of owning a business. But what do these sorts of policies cover?
There are plenty of coverage options to choose from when selecting this type of insurance. Let’s look more closely at what business insurance covers and why it is so important.
Property Insurance
Having property insurance for your business is a no brainer if you have an office, retail space, or other specific location where you do business. Property insurance can cover you should something happen to your workspace, such as a fire, environmental damage, or natural disaster. Working with an insurance agent to determine what type of property insurance has the best coverage for your needs is important, as not all policies carry the same coverage.
Loss Insurance
Loss insurance covers you in the event that your business loses income as the result of a temporary closing due to property damage or other covered reasons. If your business, for example, is forced to close due to damage from a tree falling on the roof, income loss coverage will help mitigate the impact on your business until the repairs can be made and the business can open again. Loss damage also covers income lost due to theft. If you own a retail business, for example, and some of your merchandise is stolen, income insurance can help recover what was lost.
Liability Insurance
Liability insurance is another important type of insurance policy for business owners, as it protects them from legal action that could be taken against them. Service-based businesses especially need liability insurance to cover them if an error is made on their part, or if a customer feels an error has been made and wants to sue the business for damages.
Employee Insurance
Workers’ compensation insurance is another essential type of insurance if your business has employees. Workers’ compensation covers employees’ income in the event that they are unable to work due to illness or an accident.
Business Policies from Freedom Insurance Agency
While there are many other policies available for businesses, these are the most common and important types of insurance for businesses. Choosing a policy that includes what you need as a business owner, without also paying for things you don’t need, can be a challenge.
By working with a business insurance provider in MD like Freedom Insurance, you can get the peace of mind that you have someone on your side to help you find the perfect policy for your business. Give us a call today to discuss your business and coverage needs.
