What Business Insurance Coverage do You Need?

Running any type of business entails risk. Business insurance coverage is the best way to manage it. The coverage you’ll need depends on several factors, including your own tolerance for risk, the nature, and size of your business, and more. Some type of liability coverage is also a legal requirement in most states.

General Liability

This is the most important type of business insurance coverage to carry, especially if you have employees. As the business owner, you are liable for any property damage or injuries caused by workers in the course of their duties. General liability insurance also covers you if your company is sued.

Worker’s Comp

Every state requires a business with employees to carry worker’s comp insurance. This not only protects the employee in case of a work-related injury or illness, but it also protects you against lawsuits from injured workers.

Property Coverage

Every business needs property insurance, whether they own structures or not. Property insurance not only covers buildings but also their contents, including equipment and inventory. 

Cyber Liability

This business insurance coverage is a must if you do any online transactions or store sensitive records digitally. Malicious hackers are devious, and if they succeed in getting into your system, you can be held liable.

Having the right business coverage can mean the difference between weathering storms and losing your company altogether.