As a business owner, you have more to worry about than sales and keeping clients happy. If something goes wrong, you could lose a big chunk of your profits, your business, or even your home. Keep reading to learn how insurance can protect you from the losses you might face.
If You’re Worried About People Suing You
If you’re ever sued and lose, you may have to pay out of your business savings. If your business has no cash, you may need to sell assets or even your entire company to cover the judgment. If that still isn’t enough, you may be forced to sell your personal assets, possibly including your home.
Lawsuits you might face can include bodily injuries or major property damage you accidentally cause while you’re working. Commercial general liability insurance covers these types of mishaps and includes your legal defense and potential settlements or judgments up to your policy limits.
If You’re Worried About Car Accidents
Car accidents in a work vehicle require their own coverage. Just like personal car insurance is a standalone coverage, so is commercial auto insurance. And when it comes to car insurance, your personal car insurance usually only covers you while you commute between work and home. It doesn’t cover anything else you do during your workday.
Commercial auto insurance can cover damage to your vehicle, damage to others, personal injuries, and property damaged inside of your vehicle depending on the options you choose.
If You’re Worried About Making Mistakes
Some mistakes you could make that might hurt someone or cause property damage can fall under commercial general liability insurance. However, the special skills you use in your profession might not be covered under general liability. You may need professional liability insurance instead.
For example, if an engineer has someone slip and fall in their office on spilled coffee, general liability insurance probably applies. If an engineer’s design mistake causes a building collapse, the engineer might need professional liability insurance to cover the resulting damages.
When you buy liability insurance, your policy documents will tell you exactly what is and isn’t covered by each type of coverage.
If You’re Worried About Your Employees Getting Hurt
The insurance coverages above apply to your clients and people that might be walking by your worksite. Liability coverage generally doesn’t apply to you or your employees. For injuries to your workers, you’ll want workers’ compensation insurance.
Workers’ compensation coverage is usually required by law, anyway, and includes workers’ medical bills and lost wages.
If You’re Worried About Damaged or Stolen Equipment
If you’re worried about your equipment being stolen from a job site or getting damaged in a fire or other disaster, add commercial property insurance. Commercial property insurance covers your tools, equipment, and buildings from losses caused by others or natural disasters.
These policies have many different types of options based on what type of property you have and where you work, so you can decide whether to insure against specific risks or all types of losses. You can also choose to have coverage for the current value of your property or upgrade to full replacement value.
If You’re Worried About Paying Too Much or Not Having the Right Coverage
Your insurance agent can help you figure out what coverage you need and get quotes from multiple insurance issuers to get you the right price. Skeele Insurance Agency serves upstate New York from our offices in DeRuyter, Chittenango, Cazenovia, Manlius, Moravia, and Waterville. Contact us today to get more information or a price quote.