If you’re just starting your business, there’s a lot you need to consider. Do you have all the equipment and resources you need to get started? What about employees? Are you set for your first day in business? In all the chaos of starting a business, it can be easy to accidentally overlook your insurance policies. If you’re a business owner just getting started, here are a few types of commercial insurance packages you should at least consider.
- Property insurance: If you’re running a business that has any sort of physical location associated with it, you’ll want to make sure that space is properly insured. You wouldn’t go without home insurance for your house and family, and you should take just as much care to protect the physical location associated with your place of business.
- Punitive damages: Unfortunately, sometimes things do go wrong when it comes to operating a business. In these cases, should they come up, you’ll want to make sure you’ve got professional liability insurance to cover for customer complaints and other similar issues.
- Commercial auto insurance: Commercial auto insurance, similar to personal auto insurance, keeps you and your employees safe should anyone ever get hurt on the job in a company vehicle. On average, a driver will have an auto accident claim once every 17.9 years; while this may seem infrequent, having insurance for your commercial vehicle can help keep you ready for those rare occasions. Auto insurance for any vehicle is essential, so if your company owns or uses any vehicles of its own, you’ll want to guarantee that they’re properly insured.
- Industry specific insurance: Some industries require more protection and insurance than others. This is particularly true of higher-risk industries, like legal and medical practices. In industries where higher risks are involved, having appropriate insurance protects you, your employees, and your customers. If you’re unsure about which industry specialties you’ll need for your company, talk to an independent insurance agency.
Looking for help with deciding on insurance for your company? Need to be sure you choose a commercial insurance package that’s right for you? Contact Cobalt Steele today for more information on commercial insurance options for your new business.