A lot goes into choosing the right business insurance policy. To the inexperienced business owner, creating the right policy can prove to be a challenge, but making the right choices can have a long-lasting impact. Here are three coverages you can use to build the foundation of a strong policy.
General Liability Insurance
General liability is there to protect you against the general risks you assume as a business owner. Per https://www.byrnesagency.com/, if a third party were to sustain an injury or property damage because of your business and file a lawsuit, your policy would cover your attorneys’ fees and payments for any associated damages.
Professional Liability Insurance
Also known as errors and omissions insurance, professional liability protects you against lawsuits from third parties claiming that an error or substandard performance on your part led to them experiencing a loss. Like general liability, your policy will cover all your legal expenses associated with such a lawsuit.
Commercial Property Insurance
You may not have as much property as an established business, but you will still want to protect what you do have. With commercial property insurance, your items will be covered against perils such as storms, fires, vandalism and theft.
Business ownership is a challenge and much effort is required to succeed. With the help of the right agent, you can get the right insurance coverage you need and not have to live in fear about what would happen if a catastrophe were to strike.