When you open your new business, you are ready to invest time and energy in making it as successful as possible. However, one thing you should consider before your opening day is whether or not you have the right business insurance. What is business insurance you ask? This insurance covers potential lawsuits, claims and settlements that your business may have to pay for.
As with your own personal insurance, each month you pay a premium that will help take care of your personal savings in case of potential accidents or litigation. Business’s require unique policies that are appropriate for your location. Some of these policies include:
Employment Practices: Employment practice insurance take care of fees that come with lawsuits involving former and current employees. These can include civil lawsuits that talk about termination, pay, discrimination and more.
Property: Property insurance helps you repair or replace parts of your property that are damaged in storms, fire or accidents.
Commercial Auto: You may likely have vehicles that transport cargo or deliveries. Commercial auto insurance takes care of your entire fleet of vehicles in case they are involved in an accident.
Certain types of businesses like restaurants may also benefit from liquor insurance. With this information you are ready to answer your colleague’s and employee’s question of “”What is business insurance?”” at any time.