Regardless of the type of company you own, your operation is vulnerable to various threats that could impede your success. The most effective way to minimize the financial risks of lawsuits and catastrophic events is to invest in comprehensive business insurance. However, there are several coverage options to choose from, each designed to protect different aspects of your venture. So, how do you know what to get?
The Business Insurance You Need for Protection
If your business operates out of a physical location, property insurance is a must. This covers any damage requiring repair after a fire, vandalism, or harsh weather conditions, as well as replacing stolen furniture, equipment, and inventory. It’s important to note that coverage for floods and earthquakes is typically not included in a standard policy.
2. General Liability
Liability insurance is crucial to every business owner. If someone gets hurt on your property, this will cover their medical expenses. It also provides funds for legal fees if they press charges and includes the payout on any damages you’re found responsible for.
3. Workers’ Compensation
Many states require all companies with employees to carry workers’ compensation coverage. This type of business insurance pays for medical bills, lost wages, and death benefits if a staff member is seriously injured, ill, or passes away while on the job.
4. Business Interruption
If a disaster occurs that shuts down your operation for days or weeks, you will likely lose a considerable amount of profit. Business interruption coverage allows you to recover lost income resulting from this downtime.
5. Commercial Auto
Commercial auto insurance is necessary if you use vehicles in any capacity to conduct business. Personal car insurance policies don’t cover employee drivers and don’t have high enough limits to cover the kinds of damages commercial vehicles cause.
Business insurance is a vital risk management tool for any company to have, no matter how big or small they are. The professionals at Kleppinger Insurance provide high-quality products that can be tailored to meet the needs of every Bethlehem, PA, client they work with. Contact them at (484) 357-1485 to request a quote, or visit them online for additional information on what they offer.