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What Type of Insurance Should My Business Have?

What Type of Insurance Should My Business Have?

Every business, large or small, should have some type of insurance as a backup, just in case the unexpected happens.

Beginning from day one, business owners expose themselves to many different risks. Before you do much else when starting a business, it is essential to have the right insurance policy in place. It can only take one lawsuit to wipe out a small business. Because of this, it is absolutely crucial that you protect your business with insurance. Thankfully, there are many types of insurance that businesses have access to that can protect them against any of these dangers.

Continue reading below to learn more.

Professional Liability Insurance — Professional liability insurance, also referred to as errors and omissions insurance ( E & O Insurance), protects a business against negligence claims. Of course, there is not a one-size-fits-all policy when it comes to liability insurance for businesses because businesses are so different from one another and comes with their own set of troubles. This can be customized for your specific policy needs.

Workers’ Compensation Insurance — As early as hiring employee number one, workers’ compensation insurance should be added to your policy. It covers medical treatments, disability, and death benefits in the event of injury or death resulting from their work in your business. Even seemingly low-risk work performed by your employees needs to be covered. Slip-and-fall injuries are common and can lead to medical conditions such as chronic back or neck pain that may result in a costly claim.

Product Liability Insurance — If your business produces or manufactures products for sale, it is wise to protect yourself with product liability insurance. Even when you take every step to ensure your products are safe, you can find yourself in a lawsuit due to damages caused by a faulty product. Product liability insurance will help protect you and your business against such claims.

Property Insurance — Similarly to how every homeowner should have homeowners’ insurance, every business owner should have property insurance, regardless of if they own or rent the space. This type of insurance covers equipment, inventory, furniture, signage, and more. Keep in mind, like homeowners’ insurance, floods and earthquakes are not always covered under these policies. If you require additional coverage, make sure to talk to your insurance broker. Furthermore, if your business is small and you are operating out of your home, make sure to ask about additional insurance coverage since your homeowners’ policy is not likely to cover your business-related equipment and inventory.

Commercial Car Insurance — If your business requires company vehicles, make sure that they are fully insured. If they are not insured, your business is not protected against liability in the event of an accident. 

Contact Bear River Mutual Insurance

Having the right type of instance in place can protect you against financial distress. To protect your Utah business and for more information about business insurance, contact the experts at Bear River Mutual Insurance, where we can find the best policy for your specific needs. Contact us to get a quote today. We have three locations in Utah at your convenience: Salt Lake City, Orem, and Provo.

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