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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.
Owning a restaurant can be hectic and thats not even including the crazy schedule, managing suppliers and dealing with unruly customers. With all that going on, making sure you have the right insurance coverage is probably the last thing on your mind. As you prepare to open your new restaurant, here are three basic coverages to ask about when interviewing Albuquerque insurance agencies.
General Liability Insurance
General liability protects you in case a third party suffers an injury or property damage on your premises. If they choose to bring a lawsuit against you, your policy would cover your legal costs including your attorneys fees, settlement and judgment amounts.
As the name implies, property insurance protects your business property against damage or loss caused by certain events such as fires, storms, theft or vandalism. Your policy would pay to replace or repair your covered items which can include your building, landscaping, furniture, and digital property.
Restaurant employees face a lot of risks as part of their everyday jobs. If one of your employees were to get injured or become ill because of job-related activities, your policy would be there to cover the medical and rehab costs as well as any wages lost while he or she was unable to work.
With these coverages serving as your foundation, youre now ready to sign up for your full business insurance policy. Work with Albuquerque insurance agencies who possess the experience to help you craft the perfect policy.