Types of Insurance Business Owners Need to Purchase
When a person makes the decision to start a business, they are exposing themselves to certain risks. Even before they hire the first employee, being in business is a risk, which is why it is so important to find and purchase the best commercial insurance Lakeland. A single catastrophic event or lawsuit is enough to wipe out any small business before it can even get off the ground.
The good news is, there are a number of insurance products to help protect business owners from these dangers. Some of the types of insurance business owners should purchase are found here.
Professional Liability Insurance
This is also referred to as E & O or errors and omissions insurance. It is a type of Business insurance Lakeland that protects against negligence claims resulting from harm that occurs because of a failure to perform or negligence. Keep in mind, there is no such thing as a one-size-fits-all liability insurance policy. Every industry will have certain concerns that have to be addressed, which is why having a customized policy written is best.
Property Insurance Coverage
Regardless of if a business leases or owns its space, having property insurance coverage is a must. This type of Commercial insurance Lakeland will cover furniture, inventory, signage and equipment if a fire, theft or storm were to occur. However, it is important to note, mass destruction events, such as earthquakes and floods are not typically covered with standard property insurance coverage. If a business is located in an area that is prone to these types of natural events, they need to check with their insurer to see how much another policy to cover these instances would cost.
Workers Compensation Coverage
After an employee is hired, then workers compensation needs to be added to the policies a business owner has. This type of small business insurance Lakeland will cover death benefits, disability and medical treatment for employees who suffer an injury or who die because of the work they do. Even if the work done by employees seems to be low-risk, medical conditions and slip and fall injuries could still lead to expensive claims for a business owner.
As anyone can see, there are several types of insurance that a business needs to have. In most cases, working with an insurance company will help a business owner determine what policies they should invest in. Taking the time to know what is needed is the best way to protect any business investment that has been made.