If you own a small business, it's important that you do everything in your power to protect it from all the risks that it faces. However, this is easier said than done. Luckily, having the right insurance protections in place is a solid way to keep your company safe. Here are the business insurance policies that every company should invest in.
Workers Compensation: Workers' compensation insurance is one of the few commercial coverages that businesses are actually required by law to carry. In fact, almost every state in the U.S. has laws governing workers' compensation insurance minimums. This type of insurance is designed to offer coverage for workers who get injured or become ill while on the job. Workers comp insurance will pay for their medical treatment, rehabilitation, and lost wages. This type of insurance can also help cover the company's legal fees in the event that the injured employee decides to sue.
Commercial General Liability: This type of insurance offers financial coverage in the event that your company is found responsible for third-party bodily injuries, property damages, or other losses. This type of insurance is designed to cover the cost of the affected party's medical expenses and/or repair costs. Additionally, if the affected party decides to sue, general liability insurance will cover the cost of your legal fees and settlement expenses.
Commercial Property: If your business operates out of a physical building or office space, you need to protect it with the right commercial property insurance. This type of insurance extends coverage to your company's physical building along with the supplies, inventory, equipment, and other property housed inside of it. Commercial property insurance offers protection for the damages caused by vandalism, break-in, fire, extreme weather events, and so on.
These are the essential commercial coverages that every business needs to have in place. Are you looking for assistance with your business's insurance needs? Then contact the experts at John E. Peakes Insurance Agency. We are ready to get you the coverage that you need today.
