Insurance Needs for Your Business

Business liabilities are a serious financial concern, and your personal or business bank accounts are probably not equipped to handle the cost of a lawsuit. The wrong incident or customer complaint could have you facing thousands or millions of dollars in legal battles, settlements, and reputation repair. This would cost you everything, including your business. Working with the best insurance agency near Big Spring TX can make sure you are covered.

The Basics

If you consider the average cost of a customer claim of injury against your company, it is important to carry the most basic protection policies. Rather than spending $30,000 out-of-pocket, consider purchasing a business owners’ policy. Each company faces general liabilities of personal injury or property damage, and a BOP takes care of both those areas of concern. Repair for your property if serious weather conditions create damage or medical costs to pay for a customer who was injured on your property are things that this type of policy include.

The Necessities

Though all liability protection could be considered a necessity, your company might be required to provide workers ‘compensation insurance to employees. There are state and federal mandates that your company may need to comply with. Workers’ compensation coverage addresses the medical costs for injuries that occur while an employee is on the job. The plan should cover disability benefits, lost wages, medical care, and death benefits.

Commercial auto insurance is another need, though most states also have insurance requirements for registered vehicles. Depending on who is using a vehicle and for what purposes, there are different types of auto insurance that could be applied. Two of the most common insurance plans are fleet coverage and hired and non-owned vehicles.

See also  What to do After a Winter Car Accident      

As an alternative to losing what you worked so hard for, business insurance is financial protection that will step in to cover these expenses. Contact an agent for help choosing the right policies.