Understanding Business Insurance

The success of any business depends on hard work and ingenuity. Business insurance ensures that all the effort and money you have invested in your business is covered in case a disaster strikes. In general, businesses need to purchase at least the following four types of insurance:

  • Property insurance compensates you if the property you use in your business is lost or damaged by common perils such as fire or theft. Property insurance covers not just a building or structure but also what insurers call business personal property.
  • Liability insurance protects you in the event that someone claims that your business caused him or her harm. Your liability insurance pays damages to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits, as well as legal fees. It also covers the medical bills of any people injured by your
  • Business vehicle insurance provides coverage for autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits. Depending on what kind of coverage you buy, the insurance may pay to repair or replace your vehicle because of damage resulting from accidents, theft, flooding and other events.
  • Workers compensation insurance or workers comp, as this coverage is generally called, pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury.

PROTECTING YOUR BUSINESS You’ve worked hard to cultivate and maintain your business. With all the details that you tend to, don’t let safety slip. More than ever, employees are looking to you or their managers for assurance that the appropriate steps are being implemented to offer a safe and secure workplace. Likewise, you may be concerned about whether you are doing enough to protect those who work for you. To defend against a disaster or the daily risks that are associated with running your business, implement a preparedness plan for your company and review your insurance coverage options. Workplace safety is smart business not only from an insurance perspective, but it also leads to happier employees, higher quality work and ultimately more satisfied customers. You want to keep your business, employees and other investments safe but there are risks you face every day that threaten what you’ve built. With a business policy from Lighthouse Insurance Agency LLC, you can take comfort knowing you have the right insurance coverage that can be tailored to fit your business. Our Business Insurance coverage options are designed to meet the specific needs of your business. And to help protect many aspects of your business, Lighthouse Insurance Agency LLC offers property and liability insurance, business catastrophe liability, workers’ compensation, employment practices liability, bonds and life insurance.

October 29th, 2014 by Lighthouse Insurance Agency, LLC