The larger your business is, the more risk you take on. Whether you’re expanding your services, hiring employees, or investing in new equipment, having the right business insurance coverage can help protect your company from unexpected financial setbacks.
Here are five types of business insurance every company should have:
- General liability—This foundational coverage helps protect your business if someone is injured on your property or if your operations cause property damage to another person. It can also help cover legal expenses if your business is sued.
- Commercial property—If you own or lease office space, equipment, inventory, or furniture, commercial property insurance can help protect these assets from events like fire, theft, vandalism, and certain weather-related damage.
- Workers’ compensation—If you have employees, workers’ compensation insurance is often required by law. It helps cover medical expenses and low wages if an employee is injured or becomes ill because of their job.
- Professional liability—Businesses that provide professional services or advice should have professional liability insurance. This type of coverage can protect against claims of errors, omissions, or negligence that result in financial loss for a client.
- Commercial auto—If your business owns or regularly uses vehicles for work, commercial auto insurance can provide protection for accidents, property damage, and liability that personal auto policies may not cover.
Every operation has unique business insurance needs. We recommend reviewing your coverage regularly and working with a trusted insurance advisor to ensure your protection keeps up with the growth of your company.