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Whether you’re a small business or a large commercial business with over 1,000 employees, having adequate business insurance is equally important. If you are in the process of starting up a new company, the jargon often associated with business insurance can be complicated, and the options seem endless. Having the right business insurance policy will bring peace of mind and protection, in the knowledge that you, your property and equipment, and anyone working with you is fully covered and cared for in the event of an accident. Learn about the benefits of business insurance, how to find the right policy, and how to get the best business insurance policy for your particular needs.
Do I Need Commercial Business Insurance?
From worker’s compensation to general liability, it is important to know exactly what kind of business insurance you need. With all the complicated terminology that surrounds insurance policies, you need to be in the hands of experts who have the right resources when making the decision. Do you know the difference between Professional liability insurance or product liability insurance? How do you know which one you need? If you are a professional, like an accountant, for example, you are responsible for the information you give in your clients’ tax return.
If you make a mistake, your client can sue you for this. You will want to have professional liability insurance which will cover any eventual claims made against you. However, if you own a restaurant, you will not need this type of insurance, but you will benefit more from product liability insurance where you have coverage in the case of a client becoming sick after eating at your restaurant.
If you own (or rent) the property you will most certainly want to have general liability insurance which will cover against third-party property damage costs or injuries.
Having the right insurance cover means you are protected from financial damage and you should never underestimate the benefits of having it. Knowing the risks and losses associated with your specific type of agency helps you and your advisor pinpoint the business insurance policy that will have your business’s best interests at heart.
While it can be tempting to cost-cut while choosing a business insurance policy, budget-conscious business owners should be aware of the financial risks and losses they can run into if they don’t have adequate coverage. The bottom line, having the right business liability insurance will give you protection from financial ruins if your business is ever sued.