- Providing quality service to customers, especially when things go wrong;
- Customized business insurance;
- Solid legal contracts; and
- Legal entity.
A business insurance that is strategically customized provides the resources needed to ensure that your efforts in keeping your company won’t be put to waste because of just one incident.
Among the different types of coverage available for businesses, liability insurance is the most important coverage you should get even in the early part of starting a business. While coverage for property, commercial vehicle, cyber, and all other things seem important, they are just secondary. Whatever type of business you have, be more worried about being sued (since that’s fairly common and very damaging).
Here are the coverages the following types of businesses should get to be insured properly.
If you have an investment company, it’s important to have directors’ and officers’ insurance along with other types of coverage. While the company can grow without any physical office, it’s important for your actions (in the company’s interest) to be protected especially when you have outside stockholders.
Those dealing with consumer goods need to get business insurance (particularly general liability insurance) once they start a retail business. Retailers can expect about $5 million to $7 million in liability insurance. As soon as these types of companies form a Board of Directors, they should consider getting directors’ and officers’ insurance. These coverages often cost approximately $20,000 per year.
Party rental businesses should get liability insurance. While many small companies don’t get it, it’s important to have such coverage when you have large customers. It’s every company’s social responsibility to protect their clients in case something doesn’t go right.
Landlords need business insurance. So if you’re going into space rental business, this should be out of the question. It is recommended to have “Errors & Omissions” coverage for protection against negligence claims and failure to perform professional duties. Larger companies may also require vendors or tenants to have such policy.
Entrepreneurs should consider getting insurance from the start especially if you are a subcontractor. More often than not, prime contractors require a lot of things and stipulations. Thus, you’d want to ensure your business is well-protected – particularly with errors and omissions insurance and professional liability insurance.
Every particular business has different insurance needs. That is why it’s important to talk to an agent so you’d know which coverage you should get and how much you should buy. Our agents here at Valencia Insurance are dedicated to helping entrepreneurs protect their business. We offer business insurance policies that will protect your interests and help your business grow. Talk to one of our agents today and get quoted for free. Call us at (772) 344-8899 or visit us at our office near you.