You work hard to keep your business up and running. Between focusing on keeping your customers happy and dealing with employee issues, you have a lot on your plate. To protect everything that you’ve worked so hard for, you need to ensure you have the right insurance policies in place to protect your business.
Some insurance policies that our business attorneys recommend you have include:
Professional Liability Insurance
Also known as Errors and Omissions, Professional Liability Insurance covers your business against negligence claims due to mistakes or failure to perform. This policy will be tailored to your business and your needs to ensure the right elements are covered under your policy. To ensure your policy addresses the specific needs of your company, consult a business attorney.
You must have property insurance in your workplace. Even if you are leasing the space, you must have a policy that will cover your equipment, sales inventory, office furniture, and other key items in case they are damaged in a storm, fire, or even theft. If you live in an area that is prone to flooding, make sure you take out a separate policy to cover flood damage, as that is typically not included in a standard property insurance policy.
Workers’ Compensation Insurance
If you have employees working for you, you must have a workers’ compensation insurance policy in place. If anyone is injured on the job, this policy will cover medical expenses, treatment, disability, and even death benefits. If you work at a high-risk job, like a construction site, this is probably something you’re already aware of. However, you should have a policy even if you work in an office. Injuries can occur anywhere, and it’s essential to have the right coverage to protect your business.
Product Liability Insurance
If you are creating products at your business, then it’s essential to have product liability insurance. This will protect your company in case you are facing a lawsuit due to damages or harm caused by a product. You can work with a business attorney to ensure your policy adequately covers your company and your products.
Do you have company cars or trucks that your employees drive while on the job? If so, you will need to ensure you have car insurance on each vehicle. This will protect your company in case an employee gets into an accident, or if the vehicles are damaged.
Home Business Policies
This one is something you might not have thought of – but it can be necessary. If you are running your business out of your home – which a lot more people are doing post-pandemic – it’s important to have an additional insurance policy outside of your home insurance policy to protect your business equipment and any products you might have at your house. Your home policy may not cover items attached to a commercial business, so it’s essential to have an additional policy in place.
While this is a good place to start when determining what insurance policies you need at your company, it is by no means an exhaustive list. You should work with a business attorney to determine what policies your particular company needs to be protected against potential claims and damages.
Why Hire Us
When you need a business attorney, let the experts at Johnstone Adams LLC represent you. Ranked in the 2022 U.S. News – Best Lawyers® “Best Law Firms” list regionally in 12 practice areas, we have experts in many areas of law to give our clients top-notch representation. In business for more than a century, our firm can mix its experience with the ability to evolve with the changing times.
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