You know your business needs insurance, but what insurance is right for your business? Even with the best planning, accidents are going to happen to your employees, to your customers, at your location and offsite as well. So liability insurance is a must. It will help you cover medical expenses, lawyer costs, and even damages for which you are held liable.
But each business is different, with different risks and different liabilities. For example, a construction company will need far more general liability insurance than a marketing firm. A marketing firm will need advertising insurance. A medical firm will need medical malpractice insurance. And any independent contractor or business providing an opinion, making recommendations, designing solutions or offering any service may be at risk for a professional liability lawsuit.
Let’s take a look at a professional service business like a consulting firm, dental office or veterinary clinic. If your offices are damage by fire or natural disaster, you’ll need property protection for your building, your equipment and your records. What if an employee suffers a job related injury? Workers compensation is required by law. And then there is outright wrongdoing on the part of employees, like theft of money, parts or equipment. You’ll need protection from business crime.
A building or home services contractor faces a different set of challenges, for example, the loss of valuable tools and equipment, or property damage caused by defective equipment or employee error. Your tools are an essential part of your business and insurance can help cover the cost of replacement and keep you working. And there is always the risk of uncompleted work on a residential or commercial property causing a client or customer to be injured. Then too, there is the risk of robbery or employee theft as well.
Liability and property insurance is only part of the equation. There’s crime, company auto, workman’s compensation and umbrella coverage to think about, too. Every situation can get pretty complex quickly, so it pays to work with an expert to determine what’s right for you.
Whether your concern is for your equipment and auto fleet, property, or the specifics of liability insurance, Freedom agents are able to work with you to create the coverage you need to keep your business safe.
Mistakes will happen and when they do, you’ll need business liability insurance
