Business insurance can seem complicated for new owners. The wide variety of options combined with the unfamiliar terminology can make the task of signing up for a new insurance policy seem daunting. As you search for an insurance agent, here are three coverages that you should know and expect to include in your policy.
General Liability Insurance
General liability covers you against lawsuits arising from your everyday business activities. If a third party sustains an injury or property damage because of your business and files a lawsuit, your policy would cover your legal fees as well as any damages for which you’re found liable.
Professional Liability Insurance
According to the experts at Byrnes Agency Insurance, professional liability protects you in case a third party deems that an error on your part led to them experiencing losses. Like general liability, if a lawsuit is filed, your policy would cover any associated costs.
Property insurance is there to protect your investment. It can be used to cover your building, equipment, furniture and electronic property. In the event of a fire, certain storms or theft, your policy would cover the costs to repair or replace or your covered items.
There’s certainly more that you should know about business insurance, but these three coverages will provide you with a firm foundation. Work with your agent to craft a policy that meets your exact needs.