Business Insurance: How to Protect Your Venture

Business Insurance: How to Protect Your Venture
  • Opening Intro -

    As an entrepreneur, you expose yourself to certain kinds of risks from the moment you start your first business.

    These risks can occur even before you hire your first employee.

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One catastrophe could be all that separates your success from your failure. Here are some ways you can use insurance to protect yourself and your business.

Property Insurance

It doesn’t matter if you own your own business space or lease it as a tenant. You need property insurance to protect your building, signage, equipment, and office furniture in the event of damage. This insurance can help you replace those things so you don’t have to pull cash reserves out of your own pocket to keep going. Note that some disasters or events are not covered under standard policies and may require an additional plan.

Contractor Liability Insurance

This type of insurance can provide you with coverage against lawsuits, accidents, or injuries that might happen to contractors in the field. It can benefit you if you own a construction company or protect you if something happens while contractors are working on your business.

Accidents are unpredictable and can happen at the best of times. Contractor liability insurance can help you take care of expenses related to accidents or injuries without having to worry if you’ll be able to stay in business.

Product Liability Insurance

If the core of your business model is manufacturing and selling various products, you should look into this type of insurance. You can work with financial experts to craft a plan that is specific to the type of product you manufacture. Even if you’ve taken all possible safety precautions, you might get hit with a lawsuit if your product doesn’t perform or causes injury to a customer.

Employee Compensation Insurance

You can add this insurance plan to your business after you’ve hired your first employee. Compensation insurance for your workers will provide them with medical coverage and benefits in the event of death or a disabling injury. Even if your employees perform low-risk operations, you should make it a point to add this type of insurance to your repertoire. Minor falls could still result in costly medical claims for you.

These are just a few types of insurance plans specific to business that can help you keep going when the unexpected happens. Check with several providers to find the best plans that work for you or to see if there are incentives or special rates available.

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