Owning and running a business requires a lot of time and effort, and looking after such an investment is essential. Building a robust insurance portfolio is one way to protect your organization financially. Business or commercial insurance can help safeguard what you worked hard to build. Without insurance, you could be susceptible to financially devastating incidents.
What Does Business Insurance Cover?
Insurance needs can vary, but most businesses need a minimum of the following three types of coverage:
Commercial property insurance may help compensate a business if its property gets damaged due to covered incidents (e.g., fires, theft, vandalism or severe weather). It may include coverage for the business’s physical structure, furniture and other items critical to normal operations.
General liability insurance may help pay for losses and medical bills if a business or its employees cause property damage, bodily harm, or personal or advertising injury to a third party. It also often covers legal expenses stemming from third-party liability claims.
Workers’ compensation insurance may provide wage replacements and medical benefits to employees who have sustained injuries or illnesses due to work-related incidents.
The following are additional coverage options an insurer may also recommend:
- Cyber liability insurance
- Commercial umbrella insurance
- Professional liability insurance
- Directors and officers insurance
- Product liability insurance
- Business interruption insurance
- Employment practices liability insurance
It’s essential to work with insurance professionals to assess your business’s unique needs and select the right combination of coverages for your operations.
Do I Need Insurance for My LLC in Texas?
Every business should consider a robust insurance policy. However, the specific insurance requirements may vary depending on your business’s activities and size. Insurance can provide important protections for your personal assets and business.
How Do You Get Business Insurance?
If you need business insurance solutions, we’re here to help. Contact Primero Insurance Agency today to get started.