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Starting A Business? Make Sure To Protect It With The Right Insurance

When it comes to starting a business of your very own, you basically have to pour your entire heart and soul into running the business. For that reason, you want to make sure that your business is fully protected with the most appropriate insurance coverage. Here are a few types of protection that you will need:

1. Commercial Property Insurance

If you don't have a physical business location, you may not think that you need to have property insurance. However, if your business relies on any type of furnishings, equipment or inventory, then you need protection. Commercial property insurance does a whole lot more than just simply protect your real estate, as it will cover all of your business assets that are damaged, stolen or destroyed.

2. Workers' Compensation Insurance

If you plan on having employees under your wing with your new start-up, then it is crucial that you investigate your state's laws regarding workers' compensation. Although the specific regulations vary from one state to the next, most states require that employers have insurance coverage even if they only employ a single person.

Some states are much more relaxed when it comes to this type of coverage. For example, in Georgia, you don't have to have the insurance protection unless you have at least three workers. Then, in Alabama, it is up to you whether you choose to purchase workers' compensation or not. However, if an employee were to get injured and you didn't have this protection, you'll be paying some serious out-of-pocket expenses. And, if you can't afford those expenses, a lawsuit may be filed against you, which could lead to your business folding.

3. General Liability Insurance

This is a pretty broad insurance policy, and it will cover property damage or physical injury that occurs due to the operations of your business. For example, if a customer is injured at your store, general liability coverage will take care of any medical payments that you may be held responsible for. In addition, if that customer decides to pursue a lawsuit against you, the policy will cover defense costs.

Depending on your specific type of business and how your business will be run, you may not need all of the aforementioned types of insurance or you could need more. Speak to a commercial insurance agent, like those at Mariano Agency, as soon as possible to discuss the insurance coverage that you may need in order to fully and adequately protect your business. 

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