Protecting your investment as a company owner is a top priority. That begins with having the appropriate insurance in place to protect you in the case of unforeseen events. There are a variety of insurance coverage choices available depending on the sort of business you operate. Business insurance is just as vital for individuals who work on a smaller scale, especially when their businesses develop.

Even if you have an LLC, which provides limited protections, getting extra company insurance can help you avoid litigation and personal responsibility problems. 

What type of business insurance do I need? 

General Liability Insurance

General liability insurance shields your company from lawsuits alleging physical injury or property damage. If a client slips and falls in your business, for example, this coverage might assist pay for their medical treatment. Many small company owners also get general liability insurance, which includes product liability. This helps avoid accusations of personal harm or property damage caused by their products. 

Professional Liability Insurance

Professional liability insurance protects you from lawsuits stemming from errors made while providing professional services. Errors and omissions insurance, or professional indemnity insurance, is another name for this coverage. Professional liability insurance might assist pay your legal fees if your accounting business makes a mistake in a client’s financial statement. 

Business Income Coverage

If your firm needs to close due to a covered occurrence, business income coverage, often known as business interruption insurance, can help you recover lost revenue. So, if your restaurant is damaged by fire and you have to close temporarily, this coverage can assist replace your lost revenue during that time. 

Umbrella Insurance for Businesses

If a claim against you exceeds the limits of your policy, commercial umbrella insurance offers additional coverage. This form of insurance allows firms to expand their coverages in a cost-effective manner. For instance, it can help extend your general liability coverage. As an example, if a client breaks their leg while shopping in your business and their medical expenses surpass your coverage limitations, commercial umbrella insurance can assist pay the difference. 

Insurance for Commercial Vehicles

Commercial vehicle insurance helps pay for car accidents that you or your workers are involved in while on the job. For example, if an employee in a business car swerves off the road and collides with a mailbox on the way to work, this coverage might help pay for the damages. 

If you are looking for small business insurance services, Panichelle Insurance has you covered! Give us a call today or stop by to discuss your options and different policies available.

Not only do we offer small business insurance but we also offer insurance plans for home, life, commercial, and more.

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