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Business insurance is specially designed to protect companies from financial loss. It is capable of handling risks that are unique to the day-to-day operations of a business. While it covers many of the same risks like liability and the protection of assets and physical structures, it also protects against an involuntary shutdown or damages that are caused by an equipment malfunction. Understanding what risks your business must deal with is the first step to purchasing the right type of policy.
A limited liability company is a type of business structure that protects the business owner from any liability incurred by the business. With this type of structure, the owner's assets and the business's assets are kept separate, as are the liabilities of each party. This protects the owner so that they are not held responsible for the debts of the business. Limited liability companies protect the owner and operate as their own unique entity.
Every business has some degree of liability. In some cases, it may have multiple types of liability, which require a bundle of policies. An insurance agent who specializes in business insurance can put together a package of policies that will take care of all your risks and provide the maximum amount of protection possible. Business liability can devastate a business. Working with an insurance agent who understands your unique liabilities will be able to help keep your company secure.
Business coverage normally falls into three categories. A good business policy manages the risks associated with each category and protects the business, its future, and the financial security of the owner.
General liability insurance is the most frequently purchased policy on the market. This type of insurance protects against bodily injury or personal property damage. This type of insurance may be required if the business is trying to rent office space or obtain a loan. It may also be a requirement if your business is putting a bid on a contract.
A business owner's policy brings the most common types of liability coverage into one policy. This type of policy includes property insurance as well as general liability insurance. It also covers business interruption coverage. While these are the most common types of insurance, your agent may include a few other types of coverage depending on the unique risks your business faces on a regular basis.
Professional liability often involves liability that may accompany poor artistry, a defective product, or simply bad advice (Errors & Omissions). This type of insurance can provide protection against any type of business situation that results in a liability claim.
Learning about business insurance can be confusing. Working with a reputable insurance agent will help you figure things out. Contact the agents at East End Insurance Agency to get the advice you need on choosing the right types of coverage for your business. We can evaluate your business' risk levels and match you up with the right policy and the appropriate amount of coverage.
