This type of insurance is essential if you are providing professional services. For instance, if you contract people to install CCTVs in office: If the recruited team didn’t fix it correctly and the facility got robbed, the owners of the offices may sue you for not doing the job right. Professional liability can help you cover the damages.
Even if you are just a starting entrepreneur with a small group of staff, you may still require some equipment to perform your daily tasks. If for example, this equipment incurs damages, the general liability type of insurance will not cover this. It is where the Business Property insurance comes in to protect your inventory, equipment, and building in case of fire, storm or flood.
It is critical for every entrepreneur to have general liability insurance. It protects your workers and yourself from claims of property losses and cases that involve body injuries. General liability can also help you cover copyright infringement. It may come up if another company believes that you copied their product and wanted to file a case against you.
If there are any lawsuits against you in the court of law, this type of insurance will help you pay for investigation and attorney fees, awards for the plaintiffs and medical expenses to name some.
It is required by law, except in some states, to sign up for workers’ compensation insurance. This type of insurance is helpful if an employee got hurt due to some workplace conditions, then the worker’s compensation insurance can help you in paying any of the medical fees and salary when they are out of work.
Starting your dream business is a milestone for a budding entrepreneur like you. It is essential that you prepare yourself for what may happen while you are building your business. It could help as well if you have knowledge of the different insurance plans that you need and start thinking of purchasing them. It may help you in case there are some unwanted circumstances that you may encounter.
At Independent Executive Insurance Brokers, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (805) 624-4815. Get your free quote today by CLICKING HERE.