Business insurance may be the last thing on your mind, but it’s one of the most important aspects of running a successful business. The right coverage can help you continue to grow in the face of adversity while inadequate coverage can cause you to lose momentum and even fail. If you’re just starting out on your entrepreneurial journey, you should plan to at least carry liability insurance and commercial property insurance in order to protect your business. Here’s what you need to know about these two critical coverages.
Liability insurance protects you in case you’re the subject of a lawsuit from a third party claiming that your business caused them to experience a loss or harm. There are various forms of liability insurance but the most popular for entrepreneurs are a general and professional liability. For all liability coverages, your policy will cover your legal fees as well as any damages for which you’re found liable.
Commercial property insurance, as it’s more formally known, protects your belongings – no matter how small they are. You can choose to cover your building, equipment, furniture, computers and even the data on them. In case of a fire, certain storms, theft or vandalism, your policy would pay to repair or replace your items.
There are many other insurance options to choose from, but these should serve as the foundation for your coverage. Work with an experienced agent to create a policy that’s just right for you.