What’s the best insurance for my business? The answer is not as simple as you might think. It depends on your type of business, what kind of risks it faces, and how much money you’re looking to spend.
Let’s break this down into three categories: General Liability Insurance, Property Insurance, Workers Compensation Insurance. For example, suppose you own a restaurant or small retail store. In that case, General Liability Insurance will cover bodily injury or property damage that your customers suffer when they come in contact with any part of your operation (e.g., the food). And Property Insurance will pay for damages caused by fire, storms, theft, etc., to the physical structure where you do business (e.g., roof leaks, lightning strikes). Workers Compensation Insurance is required by law for any business with employees, and it’s designed to cover medical expenses and lost wages if an employee falls ill or gets injured on the job.
What About Commercial Insurance?
On the other hand, commercial insurance is designed to cover risks your business faces throughout its daily operations, and it’s pretty much essential for any business that doesn’t want to end up in bankruptcy court. Because with most businesses, if anything goes wrong with their operations and they don’t have enough money in the bank to cover it, then that’s exactly where they’re headed.
The benefits of getting commercial insurance include:
Liability protection: This is most important for business owners since this type of insurance covers the legal liability your business faces when it’s sued for bodily injury or property damage that was caused by you, an employee or a product sold.
Business Asset Protection: This coverage protects you from loss of property used in your business operations, such as computers, hand tools — basically your business assets.
All businesses should have some form of insurance. The real question is, how much do you need? Again, the answer to that depends on what you’re trying to cover and where your business is located. For all business owners in Louisa, VA, The Pivotal Insurance Agency LLC can help you choose the best coverage for your business. Call us today for more information about our services.