Things to know about various kinds of Business Insurance
Business insurance helps protect companies from financial losses caused by unexpected events. Understanding the main types of business insurance can help owners choose the right coverage for their operations. Homestead Insurance Agency offers business insurance in Medina, OH, Fairlawn, Hinckley, OH, Valley City, OH, Litchfield, OH, Strongsville, and the surrounding areas.
General Liability Insurance
This is one of the most common forms of business insurance. It covers claims related to bodily injury, property damage, and personal or advertising injury caused by business activities. For example, if a customer slips and falls at your workplace, general liability insurance can help pay for medical costs and legal expenses.
Property Insurance
Property insurance protects physical assets such as buildings, equipment, inventory, and furniture from risks like fire, theft, or vandalism. It can apply whether you own or lease your space. Some policies also cover loss of income if your business operations are temporarily interrupted due to covered damage.
Professional Liability Insurance
Also known as errors and omissions (E&O) insurance, this coverage is important for service-based businesses. It protects against claims of negligence, mistakes, or failure to deliver services as promised. Consultants, accountants, and IT professionals often rely on this insurance.
Workers’ Compensation Insurance
In many regions, workers’ compensation insurance is legally required if you have employees. It covers medical expenses, rehabilitation costs, and lost wages for employees injured or made ill due to their job. It also helps protect employers from related lawsuits.
Commercial Auto Insurance
If your business uses vehicles for deliveries, transportation, or client visits, commercial auto insurance is essential. It covers vehicle damage, driver injuries, and liability resulting from accidents involving business-owned or used vehicles.
Business Interruption Insurance
This type of insurance helps replace lost income and covers ongoing expenses if your business must temporarily close due to a covered event, such as a natural disaster. It can be critical for maintaining financial stability during recovery.
Choosing the right mix of business insurance depends on your industry, size, and risk exposure. Reviewing policies regularly ensures your coverage grows along with your business. Want to discuss this further? Contact or email us.
