Five Types Of Insurance Every Business Should Have
Insurance is protection against life's unwelcome surprises. This coverage is not a one-size-fits-all policy; it needs to be customized to meet the needs of each business and their size. Different industries like construction, healthcare, manufacturing, professional services, retail and distribution all have different needs. Experienced insurance agents make buying the right coverage easy. The five types of insurance every business should have are building and contents, goods or products, e & o, business interruption and liability.
Whether the property is leased or owned, each business owner needs to be protected against loss. Even leased property contains extensive and valuable additions for the tenant including shelves, counters, room dividers and special lighting. Contents include office equipment, telephones, supplies and anything else used in that industry.
Each business produces goods, products or services and has exposure in this area. A general contractor has construction equipment including tools, generators and trucks as well as material for construction. The medical records at a doctor's office are hard to replace if lost in a fire. A manufacturing company may insure individual machines.
Mistakes happen. E & o insurance protects the company against errors or omissions. This policy has two important parts as it provides legal representation as well as liability. Many clients sue businesses for errors the businesses made or the clients believe the business made. A distributor who sends a load of perishable fruit to California instead of Connecticut may be sued as well as a wedding planner who books an expensive resort on the wrong day. As soon as the business receives a lawsuit notice or a threat to file a lawsuit, the business should contact the insurance company. An attorney experienced in that industry with strong litigation and negotiation skills will be assigned to handle the details and the defense. Business owners can keep on working knowing they are in capable hands and the problem will be resolved.
Business interruption insurance keeps income coming in when the business is unable to function. When major events like fires happen, it can take months for the business to resume operation. This coverage provides money during these times.
General liability insurance is a broad umbrella protecting the company against accidents and product failures. This coverage repairs an automobile when the hoist fails or the mechanic rear ends someone at a traffic light on a test drive. Customer accidents like slips and falls on the property are also covered.
For peace of mind and a secure financial future business insurance is a necessity. Experienced agents help business owners get the customized coverage they need including building and contents, products or services, e & o, business interruption and liability insurance coverages. Insurance allows businesses to keep going no matter what happens.
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