What are the Types of Business Insurance?
We have insurance for our homes, cars, and even our lives. These insurance policies offer protection in the event of an accident. If you own your own company, you should purchase business insurance to protect it as well.
Running a business comes with significant risks. A natural disaster could wipe out your brick-and-mortar store. An employee could get injured in the workplace. If you sell a defective product, you could injure customers, and they could sue.
There are many issues that can occur in the course of running a business, and these problems can cause you severe financial harm. You may become bankrupt and have to shut down your business for good.
Insurance can be pricey, but it can offer peace of mind when accidents do occur. Here is a look at the types of business insurance you may want to consider.
General Liability Insurance
This type of insurance protects against claims of bodily injury, property damage, and personal injury caused by the business’s operations, products, or services. Most businesses can benefit from insurance, especially those interacting with the public or clients.
Professional Liability Insurance
Also known as errors and omissions insurance, this protects professionals against claims of negligence, errors, or omissions in the services they provide. Service-based businesses such as consultants, lawyers, and accountants can greatly benefit from this type of insurance.
Property Insurance
Businesses that own or lease physical property should consider property insurance. It covers damage to the business’s physical assets, including buildings, equipment, inventory, and furniture, in the event of a loss, such as a fire, theft, or natural disaster.
Workers’ Compensation Insurance
Workers’ compensation insurance provides medical benefits and wage replacement to employees injured or ill due to work-related activities. It also protects employers from lawsuits related to workplace injuries. This type of insurance is required by law for businesses with employees in most states, including Michigan.
Home-Based Business Insurance
If you run a business out of your home, you may want to consider this type of insurance. This is a policy that is added to the homeowner’s insurance as a rider. It can offer protection for a small amount of business equipment, such as technology, files, and professional equipment. It can also provide liability coverage for third-party injuries.
Product Liability Insurance
This is a good policy to have if you sell physical products.This coverage protects against claims related to the manufacturing, distribution, or sale of products that cause harm or injury. Manufacturers, distributors, and retailers can greatly benefit from this insurance.
Contact Our Michigan Business Insurance Agency Today
Businesses are huge risks. Anything can happen that can cause you to lose significant amounts of money.
If you own a business in Michigan, protect it with help from Hartman Insurance Agency. We would love to answer your questions and find the right insurance solution for your business. Let’s discuss your insurance needs today. Schedule a consultation today by filling out the online form or calling (734) 999-4190.