Business insurance policies are important for businesses of all sizes regardless of the products and services they provide. The right policy can protect you and your employees from numerous risks, fines, and legal consequences. Regardless of the services and products you offer, you do need insurance for your small business. As leading providers of business insurance and other insurance solutions, the team at Mountainview Insurance understands the importance of proper business insurance coverage. That is why our team has provided some information on the types of insurance that small businesses should have.
The following types of business insurance are important for small businesses in any industry:
Liability insurance is designed to protect businesses from costs and financial penalties incurred from claims against the company. These claims can be filed due to bodily harm and property damage caused by client error or negligence. Liability insurance can be broadly divided into two distinct categories: general and professional.
General policies cover injuries that occur on the property, protecting employees, clients, and other visitors. Professional policies, on the other hand, are focused on protecting the business from being sued for a variety of different reasons. Both types of liability insurance are important for businesses of any size.
Though technically a part of liability insurance, product liability policies are crucial for businesses that sell products instead of/in addition to services. Product liability insurance protects a business if their product is defective or causes harm to an end user.
If you need to hire employees for your business, you need employee insurance. These policies cover workers in the event of a work-related injury or illness. Employee insurance policies can also help cover the legal costs for lawsuits or claims filed by the family of a deceased employee.
In addition to your employees and products, your business property must be insured. Property insurance can help your business recover after significant damage caused by natural disasters or human error. Property insurance policies typically cover a range of circumstances including damage to the building, damaged tools/assets, and damage caused by vandalism. Without this type of insurance, you will be left with the entire bill for repair costs.
To learn more about the types of insurance available for small businesses, get in touch with our team at Mountainview Insurance. We can be reached through our online contact form and will be happy to help you find the perfect solution for your business.
We’re ready to understand your insurance needs and to work for you to get the coverage you need.