Business insurance is an important requirement for every business. Business insurance provides protection for your business' investments, property, transactions and employees. Like other insurance products, business insurance policies should be tailored to fit the needs of your business and its operations.
- General liability should be purchased for every business. General liability insurance covers any legal damages that may result from claims of negligence, injury and property damage. This coverage also protects your company from medical expenses, lawsuits, bonds and judgments. General Liability is selected in coverage limits. While large corporations may select a high limit of liability, smaller companies can choose a smaller package. Your insurance agent or broker can assist you in selecting the limits that meet your business' needs.
- Product liability provides protection from injuries or damages that may result from a faulty product. Companies can be held liable if their product or service causes personal injury or damage, therefore it is important that you select this coverage for your business. Companies such as manufacturers, wholesalers, distribution companies and retailers often select this coverage. Liability for negligence, breach of expressed or implied warranty, defective products and defective warnings and instructions are insured under this coverage.
- Workers' compensation insurance covers your employees' medical expenses and missed wages should they be injured while working. This coverage is required in all states except Texas. Additionally, each state establishes its own minimum requirements for Workers' Compensation coverage that include the required rate of payment and types of employees that require coverage. In most cases, business owners, independent contractors, domestic employees in private homes, farm workers and unpaid volunteers are exempt from this coverage. It is important that you speak with your insurance agent or broker for information.
- Business interruption insurance covers any losses that occur as result of your business being deemed inoperable. Generally, business interruption insurance can only be activated when there is an open claim on your policy for the loss of your business. The coverage is purchased as an endorsement to your business owner's policy. This coverage includes the reimbursement of utility expenses, water expenses and other expenses that continue to generate even when your business is unable to generate income.
- Criminal insurance and employee bonds can help protect your business from criminal activity. This coverage provides protection from acts of theft, computer hacking, vandalism, obvious general theft and employee embezzlement. It is important that businesses take initiative to avoid such acts of theft. While criminal insurance is a key coverage to carry, it is not a required insurance coverage. This coverage is generally added to your business owner's policy as an endorsement.
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