If you own your own business, you know the importance of protecting your assets as well as your employees with adequate insurance. Small businesses must watch their expenditures closely, so purchasing insurance shouldn't be taken lightly. That's why it's important that you thoroughly research business insurance in Alpharetta, GA, to make sure you're not overspending on premiums and still getting the coverage you need in an emergency. Here are six types of business insurance coverage that you should consider purchasing.
The first type of insurance you need to think about is general liability insurance. This type of insurance is needed in basically any industry because mistakes and accidents happen, and you don't want your company to be held personally liable. This insurance covers you in the event someone files a lawsuit against your business for personal injury or property damage suffered. Professional liability insurance covers businesses against claims of harm due to failure to perform or mistakes. Specific concerns related to individual industries can be written into the policy.
Property insurance is necessary whether you own the property. This coverage will protect you against numerous types of property loss, whether its inventory, signs, equipment or damage to the building from certain types of natural disasters or vandalism.
Worker's compensation is usually a legal requirement for businesses because it protects your workers when they're on the job. This insurance will help cover medical treatments as well as disability and death benefits if the injury occurs as part of the employee's work with your company. This coverage is important no matter how low-risk the employees' jobs may seem.
If your company has vehicles it owns, they need the same coverage as personal vehicles. This includes vehicles that carry products, equipment, and employees. If your employees use their vehicles, you may want to consider non-owned auto liability that will protect your company if an employee has an accident but not enough insurance coverage.
Product Liability Insurance
Product liability insurance is important no matter what product you sell because even the greatest safety precautions won't always keep your product from being named in a lawsuit. Product liability insurance protects you in the case of defects or design flaws that might harm someone.
If your business is mostly home-based, you may want to ask business insurance companies in Alpharetta, GA, about additional coverage you'll need besides your homeowner's insurance. This is important because your homeowner's policy won't cover your business the same way commercial property insurance will. This will give you added protection should something happen to your equipment or inventory, since homeowner's insurance likely won't cover it. Call an insurance agent today to get the coverage you need for your small business.