Four Types of Insurance Businesses Need

Business owners need to purchase insurance policies that protect their companies' assets as well as their personal livelihoods. Even when risk is not immediately apparent, running a business carries a certain chance of financial loss. These are the four most common types of insurance that businesses use to mitigate these potential losses.

Professional Liability 

Businesses can be sued for negligence if a client perceives that errors or performance failures led to financial damages. Depending on the specific products or services provided, a professional liability policy can incorporate various protections against these instances and can be customized for the needs of the business. It usually pays for damages, medical fees, and legal costs.

Workers' Compensation Insurance

Businesses that have employees must purchase a workers' compensation policy. This type of insurance covers death and disability benefits, medical bills, lost wages, and other related costs that result when a worker is injured on the job. Even companies that aren't involved in physical labor should keep in mind that employees can sue for a slip and fall accident or an office-related condition like carpal tunnel syndrome.

Property Insurance

This type of policy is a must for businesses that own or lease a workspace, warehouse, office, or commercial property. Property insurance protects the items stored in the business location from theft, fire, and natural disasters. This policy will cover the cost of replacing furniture, inventory, computers, devices, and supplies.

Business owners who work from home must purchase additional insurance to cover work-related equipment, inventory, furniture, and other items. If they are used for business purposes, these items are not covered under a homeowner's policy.

Vehicle Insurance

When motor vehicles are used in the course of business, they must be properly insured. Businesses should purchase both comprehensive and collision coverage for work vehicles. Employees who occasionally use their own vehicles for work purposes (except for deliveries) are covered by their personal auto insurance policies.

Connell & Curley Insurance Agency Inc. has been serving clients in the Natick area for more than 50 years. Contact us online today or call (508) 655-1112 to learn more about how we can assist with business insurance needs.