Insurance options For New Small Business Owners
To newcomers, obtaining business insurance can seem like a complicated matter. The numerous options, coverage limits and insider language can all make it appear to be more difficult than it is. To help you simplify the process, here are three key coverages that you should plan to include in your new policy.
Professional Liability Insurance
Also known as errors & omissions insurance, professional liability protects you in case a third party claims to have experienced a loss because of an error or omission on your part. As stated by the experts at Moody Insurance Worldwide, if a lawsuit is brought against you, your policy would cover any legal fees as well as any judgment or settlement amounts that you owe.
General Liability Insurance
General liability provides broader coverage against everyday lawsuits. If a third party were to claim that they sustained an injury or property damage because of your business activities, your policy would cover any legal fees or other amounts that you owe.
Commercial Property Insurance
Commercial Property covers you in case your property becomes damaged or lost. You can choose to include your office building, equipment or furniture under your policy and it would cover the cost of repairing or replacing them. Events that can be covered by your policy usually include certain storms, fires, theft and vandalism.
With these three coverages, you’ll have a solid foundation for your insurance policy. Work with an experienced agent to craft a full policy that meets your