There are types of insurance coverage that your company needs to legally operate in your state or in the U.S. and there are types that are recommended for businesses in your industry. To get the best comprehensive coverage for your company, it is a good idea to work with an agent familiar with your industry and with business insurance as well as research government and industry recommendations.
General Business Insurance
Most companies will be required to have general liability insurance and commercial property insurance to obtain a business license as well as worker’s compensation insurance if you have employees. These can be part of your business owner’s policy or separate from it, depending on the companies you purchase plans from. You can talk to a business insurance Newark DE agent to determine where your risks are and which ones need to be covered as well as which plans offer the best coverage for your needs and budget. Insurance is designed to cover losses or damages stemming from accidents, mistakes and disasters so that you can stay in business if something should happen. Most of these insurance policies are incentivized towards making your company as safe as possible and can offer premium discounts for safety.
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Industry-specific insurance can vary even within your industry, for instance, if you own a large accounting firm, then you will need commercial property insurance, but if you are a free-lance accountant, then you may need home-based business insurance instead. You may also need professional liability or product liability insurance if your company offers professional advice, such as legal or financial, or sells products and services to the public. Some industries need more robust worker’s compensation plans because there is more risk to employees and others may need slip-and-fall coverage because there are frequent spills where customers are liable to walk. You can talk to business contacts and professional peers to see what types of insurance they have or wish they had purchased from the start for a good idea of what your industry risks are.
As a business owner it is your responsibility to know what your risks and legal obligations are, but that is not always easy. When it comes to insurance, it is a good idea to know what the government regulated minimums are, what industry-specific risks your company faces, and which agents have the most experience to help you design a coverage plan for your needs.