workmans comp insurance

Three Simple Business Insurance Options To Understand

Small business owners tend to struggle with finding the insurance coverage they need. Whether it’s due to a lack of time or familiarity with the terminology, the process can be frustrating and lead to more questions than answers. If you’re currently searching for insurance, here’s what you can expect from three popular coverages for small businesses – liability, property and workmans comp insurance.

Liability Insurance

Maybe the two most popular of liability insurance are general and professional. General liability covers you in case a third party files a lawsuit claiming that they sustained an injury or property damage because of your business. Professional liability covers you in case a third party files a lawsuit claiming that they experienced a loss because of an error on your part. In both cases, your policy will pay for your legal fees as well as any damages for which you’re liable.

Property Insurance

Property insurance covers you against loss of your belongings. From your building to your computers, your policy will cover the cost to repair or replace your covered items in case of a fire, storm, vandalism or theft.

Workers’ Compensation Insurance

Also known as workmans comp insurance, it covers you in case an employee sustains a work-related injury or illness. Your policy will pay for the medical costs and lost wages while your employee is out of work. Don’t allow the number of coverage options and industry terminology to discourage you from finding the coverages that are right for you. Working with an experienced agent can help to simplify the process.