Hilb Group.

Critical Insurance Coverage For New Businesses

Finding the right commercial insurance can prove to be a challenge for new business owners. With so many options to choose from, it’s easy to settle for the cheapest option. Unfortunately, making a choice solely on cost can lead to inadequate coverage when you need it most. As you conduct your search, here are three critical coverage options that you should plan to include in your policy.

General Liability Insurance

General liability protects you in case a third party suffers an injury or property damage because of your business. It’s often used as a catch-all for lawsuits resulting from your everyday activities. If a lawsuit is filed, your policy would cover your legal costs including attorneys’ fees and any charges for which you’re found liable.

Commercial Property Insurance

As the name implies, property insurance protects your business property in case they become lost or damaged. Covered incidents typically include certain storms, fires, vandalism and theft and you can choose to insure your building, equipment, furniture and even your business data.

Workers’ Compensation Insurance

The state in which you’re located will determine the level of workers’ compensation coverage you’ll need to carry, according to Hilb Group. An the event one of your employees suffers a work-related accident, your policy would cover their medical costs and salary while they’re unable to work.
You may require additional coverages depending on your situation, but these three coverages will serve as a solid foundation for your policy. Work with an experienced agent to build a policy that suits your needs.

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