If you’re in the process of starting a company, you undoubtedly have an ever-growing to-do list. While the tasks to complete are mostly unique to your industry, all entrepreneurs must purchase business insurance. Learn the answers to some of the most frequently asked questions on the subject so you’re well-informed before buying a policy. 

What to Know About Business Insurance

Why do businesses need insurance?

Businesses need insurance for the same reason that individuals do: Life is unpredictable. The right policy will protect your company from all kinds of financial setbacks, including liability judgments, property repairs, and interrupted operations following covered events. 

What kind of coverage does my business need?

Your particular coverage needs will depend on your industry, as well as the size and scope of your business. You’ll need workers’ compensation insurance if you plan on employing anyone. Such coverage will reimburse workers who get hurt on the job. 

You’ll also need general liability insurance for a brick and mortar location, which will protect you from third-party claims if anyone gets hurt on the premises. Other kinds of business insurance include product liability, commercial vehicle, and commercial property coverage. 

How much does business insurance cost?

business insuranceYour premiums will depend on a variety of factors. Some of the biggest influencers include the total value of the company’s assets, the number of employees you end up hiring, and the risks imposed by your particular industry. 

Where can I buy business insurance?

To ensure you end up with a policy that has everything you need and nothing you don’t, look for an agent who’s familiar with your particular industry. They will make sure there are no critical gaps in coverage so you can proceed with confidence. They’ll also help you find a policy that can be modified with ease as your company grows. 

 

For business insurance that will meet all your needs, turn to America’s Favorite Insurance & Tax. With offices in Desoto, TX, and Pompano Beach, FL, this agency is staffed by knowledgeable professionals who are well-versed in all kinds of commercial coverage, including property, liability, business interruption, and workers’ compensation insurance. To request a free quote, reach out on their website or call (972) 662-8221.