Entrepreneurs who file an LLC have provided a substantial level of protection for their company, but they need to evaluate their other insurance needs as well.
Each small business has different needs, but there are a host of insurance options that all business owners should consider. Business News Daily recently offered a comprehensive list of some of these options.
General liability insurance protects a business from negligence lawsuits and is required for renting a business space or securing a loan. Also, property insurance is vital to securing a space, as many mortgagors and landlords won’t rent to companies without it.
Companies that make, distribute or sell a product will benefit from product liability insurance. This will help protect the company from negligence, breach of warranty, faulty instructions and product defects.
Service providers can receive additional protection from professional liability insurance, which covers client or patient litigation.
Umbrella insurance offers extra insurance for claims that exceed the limits of a general policy. It is relatively cheap, but not necessary. Crime and fidelity insurance protects businesses from workplace theft. This is more applicable to select sectors, such as art storage.
Entrepreneur magazine also suggests getting business interruption insurance to ensure that the company will be able to operate in the event the business owner is injured or otherwise unable to work.
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