Basic Coverage For Your Business Insurance
A lot goes into finding commercial insurance and it can be a challenge for new business owners. It doesn’t have to that way, however. With a proper understanding of the fundamental coverages, you’ll be on your way to getting the coverage you need. Here are three of the coverages that you should know and plan to include in your policy.
General Liability Insurance
General liability usually serves as a catch-all coverage for your everyday business activities. If a third party sustains an injury or property damage because of your business activities or on your premises, this part of your policy would cover any associated legal fees as well as payments towards repairing the damage you caused.
Professional Liability Insurance
Professional liability is more specific in that it covers instances where a third party alleges that you committed an error or didn’t meet their performance standards which led to them experiencing losses. An example of this is a manufacturer producing a part that doesn’t meet the agreed-upon standards in a contract.
David Sayles Insurance indicates that property insurance protects you in case your business property is damaged or lost due to perils such as fires, certain storms, vandalism or theft. You can choose to cover your building, furniture, and equipment that’s necessary for your operations.
Other coverages may be required depending on your industry and state guidelines. Work with an experienced agent to create a complete policy that satisfies your needs.