7 Types of Business Insurance Coverage Your Company May Require
If you own a small business, you need to get commercial insurance in West Palm Beach. Which insurance coverage options should you get? Consider the following 7 types for your company.
Liability insurance, also known as errors and omissions (E&O) insurance, can protect your company against negligence claims. Whether something happens due to a mistake by your company or there is failure to perform an action, the insurance coverage can protect from lawsuits. This type of insurance is especially important for companies that complete high risk activities, such as construction. The liability insurance coverage policy should be individualized for your particular company.
Another type of liability insurance that can be important is product liability insurance. If your company sells a product to the general market, you need this insurance. No matter how hard you try to make sure that your product is safe for the general public, you never know what could happen. It would be best to protect yourself from the worst with this type of insurance.
Whether you own or lease your space, property insurance coverage is vital. It can protect you in case of fire, storm, or theft. Your policy can cover your office furniture, equipment, signage, and inventory. If you live in an area that is prone to flooding and other natural disasters, make sure to discuss this with your insurance agent so your property is covered. If you work from home, you should also speak with your agent. Your home insurance will cover your work space, but it won't necessarily cover your equipment, furniture, and inventory.
If something happens to your company and business stops, you could end up losing a lot of money. What would happen if your property was flooded or experienced other natural disasters? Instead of losing money, you can protect your company with business interruption insurance.
With several companies having issues with data breaches, it's important to protect your company from legal fees and other issues. Data breach coverage will protect your company in the case that personal data is stolen or accidentally released.
Commercial insurance in West Palm Beach is important to protect your company. Each coverage option can be individualized to meet the specific needs of your company. Sit down with an agent at M & M Insurance Agency to learn more about how we can help protect your business.