Totaling 104,618 square feet, the 2777 building sits at the southwest corner of 28th Street and Camelback Road, where WFG National Title Insurance is opening its new offices. (Photo courtesy of JLL Phoenix)
4 types of insurance needed in your business
When someone starts a business, they put a lot of money and effort into it. Even if your business is one day old, it will still be at some kind of risk. And that is the reality of every business. One wrong step or accident and you could be looking at dire consequences. That is the precise reason why there are multiple kinds of business insurances out there that can help you minimize these damages. Purchasing insurance does not guarantee that damage will be avoided, but it does guarantee your compensation. When you have so many choices to pick from, it can be hard to choose which insurance is best for your business. In this article, I will mention some general insurances that are necessary for all kinds of businesses.
General Liability Insurance
It does not matter if you are running a large business or a small one; you must get general liability insurance. Even if your business is so small that you are running it from your house, you will still need this insurance. General liability insurance covers you in an event where someone has suffered damage because of your business. It includes damages that were a direct result of your product, service or employee’s action. For example, if someone gets hit by your company’s car in an accident, this coverage will pay for the damages. This coverage also defends you if the victim is taking legal action. General liability insurance covers property damage and any kind of bodily injury. You can check Feingold to purchase this coverage. They also offer other kinds of business insurances as well.
Professional Liability Insurance
This insurance covers your business when it fails to meet its desired results. Also known as Errors and Omissions insurance, professional liability provides you defense against any negligence claims made against you. Do not mistake it for general liability because that will not protect you against negligence claims. If you have failed to deliver the performance that was expected from your business or have underperformed, it is covered by professional liability insurance. All kinds of businesses purchase this insurance, including law firms, consultants, hospitals, and accountants. The extent of the coverage depends on the insurance company you choose.
Policy for Business Owner
There are several policy packages out there that are designed specifically for a business owner. These packages are usually referred to as a business owner policy, and it comprises of several different kinds of coverage. Normally the coverage you will get depends on your insurance company and what they offer in their package. Look for a package that has all the important coverage including property insurance, liability insurance, and vehicle insurance. You can also alter your business owner policy depending on the nature of your business. The reason you should get a business owner policy is that if you buy all the mentioned insurances separately, it will cost you a lot more.
Worker’s Compensation Coverage
This is also very important coverage that every business should have because it is directly related to the safety of its employees. This coverage pays for the medical bills of an employee who has suffered a physical injury while on the job. The injured employee will also receive paychecks for a specific time period if they are impaired. Worker’s compensation insurance comes with an agreement in which the employee will be paid for their treatment and will give away their right to sue the company. That is why this coverage is important, as it provides double benefits to the business. If an employee wishes to sue you in such an event, you can find yourself mired in complications. But with this policy, you will always be safe.