Running a business is no small feat; the amount of considerations, the equipment needed and the resources required to hire employees can cost a pretty penny, and leave many confused as to where to start. What some people gloss over when starting their business is the insurance options available to your business, and whether you should be opening a policy for your business.
The notion of “business insurance” might seem confusing to some, but just as with most insurance, when trouble happens you’ll be wishing you started a policy. Insurance for businesses largely revolves around liability. That is, insurance which covers expenses when your business is found legally responsible for damages caused to another person or their property. The nature of your business is a large determining factor on which policy is ideal for your business, so contacting a licensed broker is critical in ensuring your business receives the liability protection it needs.
There are different types of liability insurance available to businesses, some of these include:
- General Liability
These policies protect businesses found legally responsible for injuries and property damage caused by your product. They also provide assistance if a business is found legally responsible for accidents on the company premises or at the customers’ location. These policies will provide you with funds up to your policy limit to cover damages assessed by the courts. Some policies also cover legal fees.
- Directors & Officers Liability
If your business relies on a board of directors or officers, this type of coverage assists board members and officers if they are held personally responsible when something goes wrong and lawsuits ensure. These policies can include coverage for monetary losses due to a wrongful act committed by a director or officer, or by someone on company property. They can also cover legal fees.
The brokers at Will Marshall offer many insurance products for businesses in all sorts of industries. Some industries we offer policies for include:
- Funeral Homes
- Oil & Gas
We offer services for many more industries as well. If you’re wondering whether your business currently has the protection it needs, or to learn more about the importance of commercial insurance and how it can help your business, contact the brokers at Will Marshall today to learn more about the products available to you.