Do you own your own business? If so, you understand the years of work and long hours it took to accomplish this goal. As the owner, it is up to you to take steps to protect your business and your employees in the event of a disasters or accident. For that, you need insurance coverage. What coverage does a business owner need?
Frequently Asked Questions About Business Owner Insurance
Question: What kind of policy do I need?
Answer: The exact type of coverage needed will depend on your business and a number of other factors. Our agents will work with you to assess what your business needs so we can bundle several different types of coverage under one policy.
Question: Does coverage include business interruption?
Answer: Should severe weather erupt or a disaster occur, you may be forced to close your doors for an extended amount to time. Bills, payroll, and overhead could quickly eat through the money you have on hand, endangering your business. However, business-interruption coverage can protect you during such an event.
Question: Will I need liability coverage?
Answer: Yes. Should you be found at fault in a lawsuit or forced to settle then the payment could cripple your company. However, liability coverage could protect you in a situation where you or your company/products are deemed at fault in an injury.
Question: Does my business require commercial auto?
Answer: Yes. If you have a company vehicle or a car that an employee/employees must drive, you need commercial coverage. This can help should the car become involved in an accident. Even if you are not at fault, then you still have the repair costs and possibly medical bills for your employee. If your company is ruled at fault, then you have two vehicles and potentially multiple medical bills; so commercial auto is crucial for protecting your company.