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As with all policies, business insurance is designed to keep you and your company safe in the event of unexpected disasters, theft, or other damage. However, no two businesses are alike, and the exact coverage you need may be different than what is required by even your closest competitor. Here are a few of the most commonly utilized commercial insurance policies every owner should have.

5 Business Insurance Policies Your Company Should Have

1. Workers’ Compensation

If you plan on hiring employees, you’ll need to purchase workers’ compensation insurance. These policies protect both you and your workers in the event of a job-related injury. This insurance is required by law and should be in place before your first employee starts working for you. Remember, even a slip-and-fall incident can result in a lawsuit if you’re not protected.

2. General Liability Coverage

Whether you’re running a small business or operating a large retail store, general liability coverage is a must. This type of business insurance protects you if a client or customer file a lawsuit against your company for damage to their property, injuries that occurred at your facility, and other associated issues. Most often, these policies are tailored to your unique situation, protecting you from risks most commonly found in your industry.

3. Company Car Insurance

Company cars are a great way to reduce the mileage you put on your personal vehicle, but they need their own type of insurance coverage. While your individual auto insurance should cover you as the driver, it won’t protect your business from liability if the vehicle is involved in an accident.

4. Property Insurance

This insurance protects your property against damage due to disasters, fire, theft, vandalism, and other threats. These policies cover more than just your office or store itself. They cover the furniture, computers, inventory, and anything else stored inside your facility.

5. Professional Liability Coverage

Business InsuranceThis is a supplemental policy for your general liability insurance. It protects you against lawsuits for errors or improperly performed duties relating to the services you offer your clients and customers. Businesses in the service industry, such as attorneys, real estate agents, accountants, and even computer repair, can all benefit from this coverage.  

 

Zimmerman Insurance Agency in High Point, NC, has helped entrepreneurs find the perfect business insurance policies for their needs since 1963. Whether you’re first starting out or are interested in purchasing additional coverage to protect your growing company, their dedicated agents will help you find the right plan. Learn more about their services online, and call (336) 883-6512 for a free quote today.

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