Business Insurance
Business Insurance
If you run a business, then chances are you are well versed in juggling a million different things at once. From employees to partners, facilities to equipment, memos to annual projection reports, you have so many things coming cross your desk each day that it can be hard to find even a moment to think about insurance. Luckily, business insurance policies are largely simple and straightforward, using much of the same language that you’ve probably learned from your own personal, homeowners, and auto insurance policies over the years.

What You Need to Know about Business Insurance

The first thing you need to know about business insurance has surprisingly little to do with the actual coverage policies you select. On the contrary, the first thing you need to realize when it comes to business insurance is that not all types of businesses are subject to the same laws and regulations. For some businesses, different types of insurance are mandated by law; for others, the rules are a little bit less strict.

Legal stipulations aren’t the only things that can require your business to have insurance, either: sometimes, landlords, investors, lenders, or other outside parties can require your business to have certain types of insurance because their assets are at stake along with yours. The bottom line is that learning thoroughly about your industry and the insurance norms therein is an important step to take before you can open your doors and start turning a profit.

Types of Business Insurance

To figure out how insurance rules work in your specific industry, you also have to have a familiarity with the different types of insurance policies that business owners have at their disposal. The primary insurance types include the following:

  1. Property Insurance: Protect your business headquarters, equipment, and other assets from disasters like fire or other outside threats like vandalism. Property insurance makes sure any expenses related to the loss or damage of those physical assets are covered.
  2. Liability Insurance: Pays expenses related to property damage or injuries caused by your business in some way, whether by an employee, a project gone awry, or a faulty product.
  3. Workers Compensation: Most state laws require companies to have a workers comp policy, which pays lost wages and covers medical expenses incurred by an employee injured on the job. Also protects against lawsuits arising from work-related injuries.
  4. Business Auto Insurance: Protects the vehicles in your commercial fleet in case of collision damage, while also providing liability insurance to pay for injuries or damages caused by your employees to other drivers, pedestrians, or passengers.

In addition to these standard types of insurance coverage, business insurance can also provide various other types of protection, including options for life insurance and business succession, umbrella coverage to protect your business from costly liability claims that exceed your business’s regular insurance limits, insurance against the spoilage of perishable goods (especially important for restaurants), and other additions. Contact Lunares Insurance today to see what other kinds of coverage we can provide for you as part of a business insurance policy!
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