Who Qualifies for a Business Owners’ Insurance Policy?
Businesses of all shapes and sizes have the right to purchase insurance to protect their investment and keep their livelihood on track. All types of businesses have some degree of liability. Many have a large number of assets and employees to consider, as well. Having a business owner’s insurance policy is the best way to prevent financial loss that would accompany an accident. Liability, theft, health, and workers’ compensation are all forms of insurance a company may require.
Any Size Company
No matter how big or small a company is there is a risk of liability that should not be ignored. General liability, product liability, and defective workmanship are all forms of liability that can hurt your business. Even if you only have a handful of employees, provide them with sufficient workers’ compensation and health benefits. This will ensure that your company doesn’t have to pay medical bills out of pocket for injuries related to an employee’s duties. Health insurance policies for employees and their families are also a must for many companies.
Sole Proprietor or Large Corporations
A sole proprietor of a business or a team of management members must all consider the impact of not having a valid commercial insurance policy in place. It is extremely important to have a business owner’s policy if you plan on maintaining your success. At some point in your career span, your company may be forced to file a claim. Having a sufficient amount of insurance in place is the best way to ensure that your company’s assets are protected and that your employees have what they need to feel secure. A sole proprietor and a large corporation both face similar liability and asset protection risks.
Self-Employed or Independent Contractors
Self-employed business owners or independent contractors should also consider purchasing a business owner’s policy. Even if they don’t have a large number of assets, they may be at risk for certain types of liability. If you are unsure what type of insurance an independent contractor may need, call your insurance agent. They will be able to work with you so that you know what types of insurance are available for you and your business. Understanding what types of business owners policy coverage your company may need is half the battle won.
Business owners insurance can be a lifesaver if an accident occurs. James Page Insurance agents have the answers you need if you are opening a business or are looking for a new business owner’s insurance policy. Don’t wait until an accident happens to find out that you are not adequately covered. Call an agent today and find out how we can help your business get ahead.