Business and Management

Types of Business Insurance and Why You Need Them

No matter the size or nature of your business, one thing that remains the same is the need for business insurance. There are many different aspects of your business you want to consider when looking for new business insurance – or review your current insurance coverage. Because every business is different, each will have different insurance requirements. You can select the best business insurance for the growth of your business.

  • Worker compensation insurance – for your employees

Comp workers are needed by law in almost every state. This can provide coverage for medical costs and some lost wages for an employee who becomes injured or ill at work. Usually, this type of insurance only includes injuries or diseases that occur at work locations – for example, if an employee slips and falls on the floor wet.

  • General Liability Insurance

General Accountability Insurance is designed to protect you and your business from various claims, including accidents, injuries, or negligence claims. This type of insurance can help pay various things such as property damage, medical costs, slander, slander, legal fees, and wrong products. No one hopes to be prosecuted, but the reality is that it is always a possibility. 

  • Coverage of Professional Responsibility – Scope of "Error and Negligence"

Professional liability insurance can also be known as "error and insurance negligence," or “insurance." This protects you from lawsuits that accuse negligence in providing professional services, providing poor jobs, or making mistakes or negligence. This type of insurance is very important if you have a service-based business, but it can also be needed for other types of businesses.