Starting Up Your Own Business? 2 Types Of Insurance You Need

Insurance Blog

If you are starting up your own business, you need to protect yourself and your company in many ways. One way to do this is to purchase types of insurance. Below are two of these types so you can contact an insurance agent to get you covered.

Workers Compensation Insurance

If one of your employees is injured while working for you and they will be out of work, they will file for workers comp insurance. Depending on where you live, this type of insurance may be required. An insurance agent can let you know this information. 

Workers compensation insurance will protect you if you have an employee that sues your company because they had an accident. For example, the employee may state that the accident was your company's fault, such as if you left obstructions in their way or if there were something wet on the floor. Workers compensation insurance can cover medical charges, as well as give the employee compensation for any type of loss of income due to the injury. 

If your employee were to sue you and they won the lawsuit, this could result in you losing a substantial amount of money. This could cause you to close your business down — or you may have to go bankrupt.

Property Insurance

Property insurance will cover your business if you were to have something like a fire, storm damage, etc. It will cover not only damage to your building, but also equipment that you have inside your building. This includes things like computer equipment, furniture, and more. It will also cover inside damage, such as damaged carpeting, damage to flooring, and much more.

Property insurance will also cover you if you are burglarized and have equipment stolen. You should know, however, that in most cases property insurance will not cover your building if you have an earthquake or a flood. Because of this, talk with your insurance agent to see if you can purchase extra insurance to cover these things. This is especially true if you live in an area that is prone to earthquakes or floods. 

To help with this, take an inventory of all inventory inside your business. Keep this list updated if you purchase anything new. You can show this list to your insurance company if you do have to file for insurance. 

Your insurance agent can tell you much more about these two types of insurance. The agent can also tell you about other insurance you may need, such as product liability insurance, company vehicles insurance, and professional liability insurance. 

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