5 Types of Business Insurance Policies You Need

Protecting your business is an important part of running a successful business. It is also the first step to taking on your financial plan. Choosing the right business insurance policies can help you protect some of your prized possessions.

Sometimes the unexpected happens, and that can have a negative impact on your business. Theft, fire, natural disasters, and storms can all affect your business operations. Use this list to figure out which business insurance policies you need to purchase. Some of the basic insurance policies that are imperative to your business are ones your business should not go without.

Property Insurance

Property insurance is especially important to your business since it pays for the costs associated with damage or loss. This Progressive Insurance Lake Charles LA not only protects your place of business, but also protects your computers, furniture, inventory, and other items that keep your business running. Your insurance policy may pay for expenses from loss from a fire. That money will keep your business going until the loss is replaced.

Liability Insurance

Your business is liable to be sued by others as a result of damage or negligence. Liability insurance helps pays for damages and legal expenses in the event that you are sued. Your insurance policy may also pay for medical expenses of those who are injured by your practice.

Commercial Auto Insurance

Any automobile that is used for business purposes should be covered by your auto insurance policy. Most auto insurance policies do not include vehicles that are used for business purposes. Your Progressive Insurance Lake Charles LA will pay for liability, bodily injury, and property damage caused by you or others. You can create a custom insurance policy that fits your needs and allows you to replace your vehicle in the event of an accident.

Workers Compensation

Businesses are required to provide workers compensation according to state law. Most state laws require businesses to providers workers comp, so make sure to check with your laws. If you have three to five employees, then you are required to have workers compensation. This insurance policy pays for lost wages and medical fees for employees who get hurt on the job.

This coverage covers the costs of damage no matter who was at fault. If the employee passes away, the workers compensation benefits go directly to the employee's family. If you own a small business, you may not be required to offer workers compensation insurance. However, it is still a good idea to make sure you protect yourself when an employee gets hurt on the job.

Life Insurance

Life insurance protects your children, spouse, parents, or other loved ones who would face financial hardship in the event that you pass away. Life insurance should be included on your list of insurances to purchase. Think about your annual income, and purchase a Progressive Insurance Lake Charles LA that could replace that income. Consider the costs for burial as well, as that cost can become an unexpected financial burden for families.

If you think you could just protect your business with liability or property insurance, think again. Do not wait until something serious happens to get a business insurance policy. These are not the only business insurance policies that you will need. Speak to a business insurance professional to find out what other insurance policies your business could benefit from. You want to make sure all of your business assets are protected from unexpected events.

Published by Evie Mills


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