9. Get Business Insurance

Depending on the type of business you have, business insurance can help shield you and your personal assets from business-related legal issues. Speak with your insurance agent about various types of business insurance available for your business.

Protect Yourself And Business With Business Insurance

While setting up a legal entity does provide for separation between you and your business with some legal protection, there is more you can do. Getting business liability insurance goes a step further in protecting your personal assets from business losses, lawsuits, and other damages. Depending on the type of business, you may be required to have business insurance.

There are many different types of business insurance packages available. How do you know which one is right for your business? The last thing you want to do is choose the wrong type of business insurance.

There are many different types of business insurance packages available. How do you know which one is right for your business? The last thing you want to do is choose the wrong type of business insurance.

The U.S. Small Business Administration has identified four of the most common business insurance types:

• A. Property Insurance – This insurance can usually be found within general liability insurance. Check with your insurance agent to confirm. Property insurance helps protect your assets such as office equipment and furniture at your physical location, whether it is a traditional store front or home business.
• B. General Liability Insurance – Provides protection in the case any of your customers, employees or yourself is injured. It also covers property damages, libel, slander, medical expenses, cost incurred as a result of defending a lawsuit, and any settlement bonds or judgments that are needed during an appeal process.
• C. Product Insurance – If you create and sale physical products (retail), this insurance protects you against any defects or harm or injury to others as a result of using your products. Check with your insurance agent to confirm if product insurance is already included in your general liability insurance. Insureon’s Policy Buddy can you decide which insurance is best for your business.
• D. Professional Liability Insurance – If you provide services to your customers, this insurance will protect against malpractice, errors, and negligence. Professional Liability Insurance is also referred to as errors and omissions insurance.