Jim Horne Insurance Agency, Inc. Blog
Business insurance offers financial protection in case of lawsuits, damages, or injuries involving your business. Aside from workers’ compensation and unemployment insurance, you should have general liability coverage. However, these policies may not cover every scenario. Take note that even though other types of coverage are optional, that doesn’t mean you should skimp on them. Here are important policies you should consider getting.
Business Interruption Insurance
Your business operation may be interrupted due to various causes, including theft, fires, and floods. Regardless of the cause, it’s possible that you will lose income. Business interruption insurance provides compensation for some or all of the money you lost from stopping operations.
Professional Liability Insurance
Most small business owners may not think this will ever happen, but lawsuits happen when business disputes should be settled. Professional liability insurance, otherwise known as errors & omissions (E&O) insurance, offers business protection when a client files a lawsuit. This insurance is very important for those in the service industry.
Professional liability insurance protects your business when it’s being sued for negligence or other errors. Even if you’re not at-fault, the legal expenses can overwhelm a small business. And this type of insurance provides for payment and legal representation made against the business.
Auto and Home Insurance Riders
If you’re using your home and car for business purposes, chances are their regular insurance policies will not protect you. Speak to your agent and ask about non-owned and hired auto liability insurance and home business insurance.
If you sell products or services on credit, chances are some buyers may not pay you for what they owe. Credit insurance offers coverage for losses related to bad debt. It may cover all or only some of your receivables and help with credit management or debt collection.
Employment Practices Liability
While it’s mandatory for employers to get insurance that covers their employees, they should also get protection if an employee sues them. Employment practices liability insurance protects the finances of your business from going bankrupt from lawsuits filed by an employee.
Every company is unique. Thus, not everyone has the same insurance needs. Talk to your agent about how best you can protect your business.
Jim Horne Insurance Agency offers a wide range of business insurance products to the residents of Alabama. We offer various types of coverage at a competitive rate. You may get a free insurance quote here. Discuss your options with one of our agents. Call us at (344) 244-0600 or visit us today!