When it comes to starting a new business, you have plenty to think about and plan for before the doors open. You also need to consider the types of risks present that could impact the operation of your business. Business insurance can provide the financial backup you need to keep your business moving forward. Mistakes can happen. Unavoidable accidents can occur. With business insurance in place, you can push through and keep growing your company.
A variety of business insurance plans are available. The most effective way to reduce costs is to purchase a BOP plan, which combines many of the individual types of policies you need in an affordable package. However, you should know what's included, as well as what additional coverage you may need.
- Liability insurance is perhaps the most important coverage option for new companies. It should protect against any risks to clients or customers who use your service and experience some type of loss, such as a slip and fall.
- Property insurance should cover the structure of your building from risks such as fire and vandalism. It should also cover inventory, equipment and other contents within your business, as well as outbuildings and signage from risks.
- Commercial auto insurance is applicable to any business operating a vehicle of any type as a component of the business. It should meet local laws, but also should cover any equipment on board and have a higher liability limit than a personal car would.
- Professional liability insurance helps to protect your company for mistakes you may make. For example, if you provide a service that fails, this coverage can minimize the financial implications to your company.
- Workers compensation insurance may be a state requirement depending on the size of your business. It helps cover costs related to employee injuries or illnesses brought on by the job.
In every situation, comprehensive business insurance should be seen as a benefit to your company. It's there to help you when your new company stumbles through mistakes or suffers significant losses.
We’ll help protect your professional assets. Call Cornerstone Insurance Services for more information on business insurance.