What Exactly Is Business Insurance? Business insurance is a broad term, but what does it actually mean and what exactly does it cover? In essence, business insurance protects your company from losses that happen during the course of everyday business operations. Business owners face a great deal of risk. The purpose of business insurance is to help shield both you and your business from these inherent risks. The bottom line is that business insurance protects your organization’s financial assets, physical property, and intellectual property.

For example, business insurance protects you from lawsuits, property damage, theft, vandalism, loss of income, and employee illnesses and injuries. You should purchase different types of policies in order to fully protect yourself and your business. Typical business policies include commercial liability, commercial property, commercial automobile, and worker’s compensation. So, how do you determine what kind of business insurance you need?

First and foremost, you should meet with an experienced insurance agent in order to learn what coverage’s you need and which ones you don’t. This is determined by the industry you’re in, the size of your business, the location of your business, and the number of workers that you employ. In the minimum, you’ll most likely need both commercial liability and commercial property insurance. However, if you have any employees than you’re going to need worker’s compensation insurance as well.

Even if you currently have business insurance in place, it’s important to review your needs on a regular basis. Your coverage requirements can certainly change if your company is growing or shrinking. Liability coverage goes a long way in helping protect you and your business against claims and lawsuits such as bodily injury, property damage, errors and omissions and advertising damage. If you don’t have liability insurance in place than you may very well need to pay out of pocket for all legal costs including settlement amounts, judgments, attorney fees, and court fees.

Please note that the vast majority of commercial property insurance policies do not protect you or your business from flood damage. You should purchase a separate flood policy that covers damage from floods. In addition, if you and or any of your employees drive a company vehicle than you’ll need a commercial automobile insurance policy. It includes additional coverage when compared to your personal automobile insurance policy. It also goes a long way in covering your business-related expenses if you or one of your employees is involved in a car accident.

If you own a business in the Commonwealth of Massachusetts than you need to ensure that you have the proper insurance coverage in place. We can help you get the best deal on all of your personal and or business insurance needs.  Please consult with a professional insurance agent that can answer your questions about all insurance related topics. It is important to fully understand exactly what you are buying when it comes to insurance policies.

If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options. We look forward to helping you with all of your personal and or business-related insurance needs now and in the future.