When you run a small business, you are bound to run into unforeseen circumstances. Small business owners can protect themselves with commercial insurance to help manage any risk or casualty that comes their way.
If you have been wondering what the benefits of an insurance policy for your business are, here is some information on some of the greatest advantages:
When selecting which type of business insurance matches your company, it helps to know what options are available. To aid you along the process, Assured Standard has simplified some of the most common types of insurance to cover all your business needs.
We know that sifting through different insurance policies, coverages, and companies can be stressful and confusing without the proper guidance. You can find the right business insurance coverage depending on your company requirements by using this list as a guide:
General liability insurance is a basic insurance policy that offers liability coverage for claims that arise in relation to third party bodily injuries or property damage. It also helps absorb legal or medical fees that may be incurred during these events.
Should your business property ever be subject to damage or casualty caused by civil disobedience, vandalism, fire, extreme weather, and other related scenarios, commercial property insurance will provide the necessary coverage.
Companies whose professional services require vehicles should get this particular policy, given the many risks that could occur on the road. It is especially helpful for third-party claims for bodily injuries or property damages from road accidents caused by your business' vehicles.
If any of your employees get sick or injured while working on the job, workers comp will make sure that medical expenses are taken care of. This policy may also include coverage for wages lost during their absence, ongoing medical needs and care, and possible funeral costs. Laws vary by state.
Professional liability insurance protects you from negligence claims, ranging from malpractice to misrepresentation, and other mistakes or errors that could occur.
Businesses involved in manufacturing can benefit from this type of insurance as this will protect you from potential lawsuits that arise out of damages your products may have caused.
In the event that your business sees a halt in operations, business interruption insurance comes in. It is especially great for businesses that have physical locations.
A BOP is a comprehensive insurance policy that includes standard coverage offerings, including other add-ons. Getting a BOP can help you save money as you can possibly pay less, and make the process of buying insurance much simpler.
Business owners can face the future head-on when they know they have done what they could to secure sufficient coverage for their company. Assured Standard is always here to help, in case you want personal recommendations. Check out our resources or contact us today for more information!