Types Of Business Insurance You Should Know About
Business insurance is essential for protecting your company from unforeseen risks and liabilities. Craig & Preston Insurance Agency provides business insurance in Matthews, Concord, NC, Charlotte, Fort Mill, Gastonia and surrounding areas.
The right coverage ensures financial stability and legal compliance.
These are the key types of business insurance you should consider:
- General Liability Insurance
This covers claims of bodily injury, property damage, and advertising injuries. It’s a foundational policy that protects your business from lawsuits and third-party claims.
- Property Insurance
Property insurance safeguards your physical assets, such as buildings, equipment, and inventory, against risks like fire, theft, or natural disasters. Business interruption coverage may also be included to cover lost income during recovery.
- Workers’ Compensation Insurance
If you have employees, this insurance is typically required by law. It covers medical expenses, lost wages, and rehabilitation costs if an employee is injured or becomes ill due to work-related activities.
- Professional Liability Insurance
Also known as Errors and Omissions (E&O) insurance, this policy protects businesses against claims of negligence, mistakes, or failure to deliver services as promised. It’s particularly important for service-based industries like consulting or healthcare.
- Commercial Auto Insurance
For businesses that use vehicles, this insurance covers damages and liability in case of accidents involving company-owned vehicles.
- Cyber Liability Insurance
In today’s digital age, cyber insurance is crucial for protecting your business from data breaches, cyberattacks, and related liabilities.
- Product Liability Insurance
If your business manufactures or sells products, this policy covers claims related to product defects that cause harm or injury
- Business Owner’s Policy (BOP)
A BOP bundles general liability and property insurance into one package, often at a discounted rate, ideal for small businesses.
Having the right mix of these policies ensures your business is prepared for various risks, fostering long-term growth and stability.
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