Insurance options are available for just about every risk you can think of for your business. Total amount of coverage and overall costs for your policy are going to vary from one insurance company to the next. Discuss what type of business risks you are prone to and the types of insurance you have available to your business. The agent will be able to advise you on the specific types of insurance you should look into for your business.

General Liability Insurance

Business owners will often purchase general liability insurance for covering legal hassles from accidents, injuries and negligence claims. These types of insurance policies protect you from any payments resulting from property damage, bodily injury, libel, slander, medical expenses, the costs associated with defending you in a lawsuit and settlement judgments in an appeal.

Product Liability Insurance

Companies manufacturing, distributing, wholesaling and retailing products might be held liable for their safety. Product liability insurance will protect you from a financial loss resulting from defective products causing bodily harm or injury. The degree of insurance you need will depend largely upon the type of products you manufacture or sell. Clothing stores aren’t going to have the degree of risk that a small appliance store will.

Professional Liability Insurance

Companies providing a service should think about having this type of insurance for their business. This particular type of coverage will protect you from any errors, malpractice and negligence in your services to the customer. Based upon what your profession is, you might be required by the state to carry this particular policy. Physicians are required to have malpractice insurance when practicing in certain states.

Commercial Property Insurance

Property insurance is everything that is related to damage and loss of any company property from a wide array of different events like smoke, fire, hail storms, wind, vandalism and civil disobedience. Property has a broad definition. It includes interruptions in business, lost income, computers, buildings, money and company papers. Consulting with your insurance agent about the type of insurance your property needs is one of the best things you can do.

Home-Based Insurance for Your Business

Contrary to what you might think, homeowners’ insurance policies won’t often cover any loss from a home-based business. Depending on what the risks are to your business, you might be able to add a rider to your homeowners’ policy to cover any normal business risks, such as that of property damage. However, you have to remember that these policies can only do so much in regards to covering home-based business activities. You might need to purchase an additional policy to cover any of the other risks you might be susceptible to, such as that of professional and general liability.