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Home > Blog > Do Entrepreneurs Need Business Insurance?
WEDNESDAY, MARCH 17, 2021

Do Entrepreneurs Need Business Insurance?

Being an entrepreneur is no small feat. After all, you are essentially your own boss as you strike out alone and venture into new commercial opportunities. The future is also uncertain, and so many different factors might influence precisely how successful your business might be. It’s best to be prepared for anything, and one of the easiest ways to do so is to invest in quality commercial insurance.a man standing in front of a building 

 

Below, we will discuss what types of business insurance you should consider as an entrepreneur who is starting your own company. Let your coverage be an asset to you as you work to build your company into a successful enterprise. 

 

Types of Business Insurance for Entrepreneurs 

 

It’s important to understand that business insurance is not a single policy. There are many different types of coverage included under the commercial insurance umbrella, and you will need several in order to create comprehensive coverage for yourself. Policies to invest in include:

  

  • Business Liability Coverage 

 

No matter what industry you are in, no matter what you are selling — service or product-wise — it's essential to have liability coverage. This coverage is in place to protect you in the event of someone holding you liable for an injury or accident caused by your products or services. Likewise, if you are a professional offering a service, you can protect yourself from claims of negligence or errors. A certain amount of liability coverage may be required, but you may also opt to purchase additional liability coverage for your full protection.

  

  • Business Property Coverage 

 

Property coverage protects your office location and interior property (furnishings, technology, production equipment, inventory, etc.) from natural disasters, fires, theft and other unexpected events.

  

  • Commercial Auto Insurance 

 

If you or any of your employees must drive for your business, you’ll need business auto coverage. Remember that you’ll need this type of coverage even if you will be driving your own personal vehicle(s) or if your employees will be driving their own personal vehicles. If the purpose of the driving is business-related, regular auto coverage won’t cover any accidents or auto damage.

  

  • Workers’ Compensation Insurance

 

Once you begin to hire employees for your operation, you will have to read up on your state’s workers’ compensation insurance laws. Most states require most businesses to carry this coverage. 

 

It is workers’ compensation insurance that that will provide supplementary income, medical benefits and other financial support to employees who get hurt on the job. It will simultaneously free the employer from liability for the injuries in most circumstances. Therefore, by having coverage, you’ll significantly reduce your chances of getting sued when someone gets hurt while on duty. 

 

Interested in finding out more about business insurance for your entrepreneurial endeavor? Speak with a business insurance agent today and learn about your options. 

 

Posted 10:16 AM

Tags: business, insurance, bop, business, owners, policy, commercial
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