Understanding the Different Types of Business Insurance Policies

Operating a business involves various risks that could lead to financial losses. Business insurance is essential because it may provide financial assistance to your company in the aftermath of fires, theft and other unexpected costs associated with running a business.

Who Needs Business Insurance?

Every business, regardless of size or industry, should consider obtaining business insurance. Retailers, manufacturers, service providers and home-based businesses can all benefit from insurance coverage. Small businesses may be especially vulnerable to risks, as they sometimes lack the financial cushion needed to recover from significant losses.

Types of Business Insurance

Business insurance can be tailored to meet your company’s specific needs. The following are types of coverage commonly included in standard business insurance policies:

• General liability insurance may cover claims of bodily injury or property damage caused by your business operations, products or services.

• Commercial property may cover your business property, including buildings, equipment and inventory, against damage or loss due to events like fire or theft.

• Workers’ compensation insurance may compensate medical bills and lost wages for employees who become injured or fall ill due to their jobs.

• Professional liability insurance (or errors and omissions insurance) may help with legal claims arising from professional mistakes or negligence.

• Commercial auto insurance may cover damage and liabilities related to business vehicle use.

• Business interruption insurance may replace lost income and operating expenses if your business is temporarily halted due to a covered event.

How Much Is Business Insurance?

The cost of your business insurance can fluctuate based on the following factors:

• Coverage types

• Business size

• Number of employees

• Industry type

• Location

Speak with an insurance professional from Darden Insurance Agency Inc to help identify the right coverage and cost for your needs.

We’re Here to Help

Contact Darden Insurance Agency Inc today to discover optimal business insurance solutions. Our friendly professionals are ready to help you secure the right coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.