All businesses are required to have business insurance. There are different types of commercial insurance depending on what type of business you are starting. There are several places that you can get a business insurance quote online, some even allow you to start your policy online as well, but nothing can compare to meeting with an experienced broker.
Worker’s Compensation Insurance
Worker’s compensation insurance is a type of business insurance that all businesses with employees are required to have. This is beneficial for both the employer and employee. It gives the employer a safety net for his assets in the event an employee is injured on the job and also allows the employee to have a paycheck still coming in while they recover. All states require this form of business insurance.
Unemployment Business Insurance
This is another business insurance that is required by law for all businesses with employees to have. Unemployment business insurance allows a recently released employee to draw funds off a state based fund while unemployed. There are certain requirements that the employee will need to meet in order to receive this compensation.
The general liability business insurance is designed to protect the employer from certain risks that can occur during the normal operation of business. This particular business insurance provides coverage for medical expenses, bodily injury and property damage. This insurance is the most common type of business insurance available.
There are certain requirements for business insurance that vary from state to state. You will need to do some research to see what is required by your state. Finding a good business insurance broker can help you tremendously when it comes to reading and understanding all the rules and requirements for your state. But never try to start a business without the proper business insurance, this could end your business before you even get started. Living in very litigious times, the failure to carry business insurance would be a huge mistake. Those of you currently running a business or still in the planning phase could benefit greatly from meeting with an insurance broker and going over your policy options.