Starting your own business can be an exciting and rewarding experience, but it also carries its fair share of risk. Any time you’re responsible for the safety and wellbeing of employees, customers or vendors, it’s important to have the right insurance in place to protect yourself financially. Learn about the five types of insurance every business owner should consider purchasing in this guide to starting a business with insurance.
1) General Liability
As a business owner, you face a lot of risks. That’s why it’s important to have general liability insurance, which can protect you from lawsuits alleging that your business caused someone else bodily injury or property damage. If you don’t have this type of insurance and you are sued, you could be on the hook for thousands of dollars – or more.
2) Worker's Compensation
If you have employees, worker's compensation insurance is required in most states. This type of insurance protects your business in the event that an employee is injured on the job. Without it, you could be liable for their medical expenses and lost wages.
4) Auto Insurance
If you're starting a business, you need to make sure you have the right insurance in place. Auto insurance is one type of insurance you'll need to consider. Here are five things to keep in mind when it comes to auto insurance for your business
3) Property and Casualty Insurance
As a business owner, you need to protect your physical assets (property) and your business’s liability in the event of an accident or disaster. That’s where property and casualty insurance comes in.
5) Life and Disability Insurance
If you're the sole proprietor of your business, then you need to make sure you have adequate life and disability insurance. No one knows when an accident will happen, and if you're the only breadwinner for your family, then they need to be taken care of financially if something happens to you. Talk to an insurance agent about what type and amount of coverage is right for you.
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