What insurance policies should every business carry?

There are a lot of things to consider when setting up a business, but one of the most important is making sure that it has the correct policies and coverages in place, specific to the type of business insured. Whether you’re running a construction company, a medical office, or a retail store, contact the professionals at Greene County Insurance today to insure your business is properly protected.

General Liability Insurance

This policy will cover a business and pay for damages if the business itself, its employees or its services are considered to have harmed a customer or their property. Professional liability insurance should also be purchased since a general policy does not cover failing or improperly performing services.

Worker’s Compensation Insurance

Each state has different standards considering this kind of insurance, but all of them require business owners to have this policy if they have W-2 employees. This type of policy pays for an employee’s medical benefits and compensates their wages if they’re injured on the job. As part of a worker’s comp agreement, that employee waives their right to sue the business or its owners.

Data Breach Insurance

This policy provides businesses with protection if confidential information is leaked to the public or to other businesses. This can be done by hacking into a business’s computers or simply taking a confidential file by hand. Either way, data breach insurance can protect the business from related losses that may ensue.

Business Owner’s Insurance

This policy is the most comprehensive policy that a business should carry. This can be tailored to each company’s individual needs, but most business owner’s policies include property and vehicle coverage for the building and vehicles used by and owned by the business, interruption insurance in case of unforeseen temporary closures, crime insurance in case the office is robbed or vandalized, and standard liability policies. This combination of coverages rolled into a single policy can save business owners a lot of money since these packages usually cost less than an individual policy.

Directors and Officers Insurance will protect the company’s owners in case they end up in court because of company-related activities.

All of these policies may seem complicated, but once a business owner has them in place, they can be sure that their business is protected from possible disasters that may occur.

 

To ensure your business and assets are properly protected, please contact Greene County Insurance today!