Types of Insurance Coverage You Need for Your Business

Types of Insurance Coverage You Need for Your Business

Owning a business involves making sure you have the right type of insurance to protect your investment. Service-based businesses and home-based businesses also require specific types of coverage that will protect you if certain events occur. There are several types of business insurance you should have to make sure you are fully covered no matter what comes your way. With the right type of business coverage, you will have the peace of mind you need when it comes to protecting your business.

Property Damage

Property damage will cover your business if an event occurs that destroys your inventory or damages your building. Fire, storms, explosions, water/smoke damage, and burglaries can have devastating effects on your business. While you may have to buy special coverage for floods and earthquakes, having property damage insurance in place is the best way to protect your investment.

Professional Liability and Product Liability

Professional liability is needed to protect you in case someone is injured while visiting your business. This type of policy pays for any medical expenses and time lost off work that is related to any injury or incident that may have occurred on your property. Product liability comes into play when an item you have sold or installed is defective.

Workers’ Compensation Insurance

Workers’ compensation insurance is a requirement in most states. Even if you are self-employed, you have the option to purchase workers’ compensation insurance that you can use to protect yourself if you are injured while working. Whether you have one employee or one hundred, this type of policy will ensure that your employees are cared for if an accident happens while they are on the job.

Protecting your business should be your top priority as a business owner. When you have a question about business insurance, turn to an agency you can trust. Contact our experts at Steve Wilk Insurance Agency, Inc. or visit us at our new location, 310 S. Main St, Suite C, Lombard, IL 60148.