Business Insurance Needs for Startups

Business Insurance Needs for StartupsBusiness insurance is not just for major corporations, but even for the smallest of home-based businesses as well.

For most companies, even little ones, business insurance should be considered as a quintessential necessity. In some states, some types of insurance are required by law. Others may not be legally required, but may be desired by business associates or investors. But, business insurance isn’t about meeting requirements; it’s about protecting your employees and your investment in the organization. Here are the kinds of business insurance policies all businesses should for their protection.

Types of Insurance Policies:

General Liability Insurance

This provides financial protection for your business in the event of lawsuits and claims. This usually covers injuries or property damage if your employees succumb to harm or illness at work and bring a lawsuit against you. This policy may include the legal fees associated with the suit.

Property Insurance

Property insurance covers your business’ physical building and assets. Fire, smoke, wind, hail storms, and theft are usually included. That means if there’s a big enough storm and it knocks over a tree or causes a short circuit causing your business burns to the ground, the coverage will take effect and pay for the repairs. Flood and earthquake damage are generally not covered by property insurance.

Business Owner’s Policy (BOP)

A BOP bundles general liability and commercial property coverages and is the most affordable choice because you are not purchasing two separate policies.

Small businesses are not immune to risks; life takes no breaks and tends does not discriminate its distribution of punishment. For all of your business insurance needs to ensure you have the right cyber liability coverage, contact Miller Insurance Associates in Carlisle, Pennsylvania.