Congratulations, you’ve survived the first month of 2017! Did your resolution?
If you resolved to finally start the new venture you’ve been dreaming about, we can help you. If you have a solid idea about what product or service you’re going to provide, this post will help you determine which types of insurance you’ll need.
General Liability Insurance
General liability acts as a catch-all insurance option for businesses. It can be tailored to include as much, or as little, add-ons as you’d like.
Every business, even if home-based, should have liability insurance. It will provide both defenses and damages if you, your employees or your products or services are involved in a lawsuit. An example would be if you sold a faulty toy that injured the consumer.
Property insurance isn’t just for those who own commercial real estate. Those choosing to run a business out of their home should double-check their homeowners’ policy, as a home-run business is not always covered.
Property insurance is what is going to protect your assets, equipment, fixtures,and furniture from damage caused by fire, flood, vandalism, theft, etc.
Professional Liability Insurance
Professional liability insurance is needed most by those who provide advice for a living (i.e., tax or financial advice); not to say other types of business don’t need it. It will protect you against any errors or omissions in the advice you provide to a client, providing coverage where your general liability insurance does not.
Many states also require physicians to carry medical malpractice insurance, a form of professional liability. More information about this specific type of insurance can be found here.
Worker’s compensation does exactly what it says—it compensates employees who are injured on the job. So when someone on your staff slips on a spill or trips on a sprinkler head, workers’ compensation will cover the multiple levels of care that employee may need.
It should be noted that all states require worker’s compensation if you have W2 employees.
The MacKenzie Agency specializes in providing Minnesota families and businesses with tailored insurance policies to suit their various needs. For more information about our insurance offering, contact a MacKenzie agent today.