4 Types Of Insurance Small Business Owners Need

Being a small business owner requires a great deal of responsibility.  From keeping employees happy to making a profit, there are many things that must get done daily.  Additionally, it's important to avoid financial losses by keeping all aspects of the business properly insured. By knowing what insurance coverage is required to help make your business successful, you will be prepared when contacting your agent.

Type #1: General Liability

As a business owner, you will likely have a lot of people who are going in and out of your store or office. This increases the possibility of an accident occurring on your property that may result in injuries occurring and lawsuits being filed against your company.

General liability coverage will protect you if there is a legal action filed against your business. This coverage will pay for any legal fees that you may incur due to an injury on your property and is important for any business owner to obtain.

Type #2: Property Insurance

It's important to keep your business properly insured in the event of vandalism, robbery or storm damage. Additionally, be sure to keep the items in your business covered as well. This may include office equipment and your inventory of goods you sell.

Discuss with your insurance agent the amount of coverage you need in advance to ensure you are properly covered.

Type #3: Workers' Compensation

If you have employees, you will want to have workers' compensation coverage. This will cover any medical bills or other losses an employee will have if there is a work-related injury.

The laws per state vary on worker's compensation, but it is required in most regions. Failure to comply with the requirements in your state regarding this type of insurance may result in stiff penalties being filed against your business.

Type #4: Commercial Auto

Does your business require the use of vehicles? If so, and you have employees driving trucks or cars, it's important to have commercial auto insurance in place. This will allow you to be reimbursed for any damage to your business vehicles and will cover any medical bills the employee may have.

Finally, keeping a business running takes time and effort. Be sure to protect all the areas of your financial interests by having the proper amount of insurance in place. By consulting with your insurance agent, you can learn the best coverage to meet the changing needs of your company.

For more information, contact a company such as Butler-Vause Insurance.