Business Insurance For Beginners

​Starting a business can be scary. Owners would have to put a great deal of effort and resources into creating the company of their dreams. However, businesses can encounter several risks like natural disasters, theft or fraud, lawsuits, and accidental injuries or illnesses. It’s a good thing that business insurance can cover these types of losses. Businesses of all sizes need to procure business insurance so they could protect their businesses from said risks.

What Are the Types of Business Insurance Coverage?
Depending on the nature of your business (including its risks and needs), you may choose from the following types of coverage: 

1. General Liability Insurance
   Covers claims against your businesses – accidents or false advertising claims. Businesses with physical locations usually have this type of coverage.
   
   
2. Workers’ Compensation Insurance
   Covers medical care for when an employee gets injured on the job – also includes payment for a portion of lost wages. Most states require this policy.
   
   
3. Unemployment Insurance
   It covers some lost wages for employees that got laid-off. This type of business insurance is required by federal law for employers who pay more than $1,500 in wages per quarter.
   
   
4. Directors and Officers Insurance
   It covers company directors' or officers’ assets when they get sued for mismanagement.
   
   
5. Disability Insurance
   It covers a portion of lost income when an employee cannot work because of short-term disability.
   
   
6. Property or Renter’s Insurance
   It covers the structure and effects inside a building when damaged by fire, natural disasters, vandalism, or even theft.
   
   
7. Professional Liability Insurance
   It protects businesses or companies from claims alleging negligence or errors. Professionals like consultants, marketers, health professionals, lawyers, etc., usually benefit from this insurance.
   
   
8. Product Liability Insurance
   It protects businesses or companies from claims involving bodily injuries or property damages – like a fire that harmed people and damaged property. Usually, manufacturing companies have this type of coverage

Conclusion
If you plan to start a business, may it be small or large-scale, make sure that you are insured. Business insurance policies are available, and there is a lot to choose from. Do not compromise your goals by being unprepared when risks come your way. Protect yourself and your business.
 
At Priority Insurance LLC​, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (864) 297-9744. You can also request a free quote by CLICKING HERE.