Business owners are natural risk takers. They take risks when hiring new employees, opening new offices and investing in new ventures.
Because everything about business is a gamble, smart entrepreneurs know to protect themselves and their company. Luckily, there is a wide range of insurance types to protect against the unknown. Here are four we recommend:
Professional liability insurance – Also known as errors and omissions, professional liability insurance covers a business against negligence claims. Because no business is the same, your insurance agent can help you address specific concerns of your industry and create a customized policy for your company.
Property insurance – Whether you own or lease a space, property insurance is a necessity. It covers your equipment, inventory and furniture in the event of a storm, fire or theft. Flooding and earthquakes are often not covered under standard property insurance policies, so if your area is prone to these, it’s best to consult with your insurer for a separate policy.
Business interruption insurance – If a catastrophic event like a fire were to occur at your business, your company’s operations would likely be interrupted. Because of this interruption, your business could stand to lose income from lost time and production. Business interruption insurance can help by compensating a business for its lost income during these events. (Click here to learn more about business interruption insurance.)
Workers’ compensation insurance – After you’ve made your first hires, workers’ compensation insurance should immediately be added to your insurance policy. Workers’ comp covers medical treatment, disability and death benefits in the event an employee is injured or dies as a result of his job.
For more information on suggested business insurance for your company, contact one of our agents at Countybanc Insurance.
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.