Home / Legal Advice / Common Types Of Business Insurance

Common Types Of Business Insurance

Insurance, as you’re most likely already familiar with, is a service provided by companies that promise to pay out agreed-upon sums of money if unlikely events happen. In exchange for promises of such payouts, the individuals and businesses who purchase such insurance policies fork over a set amount of money each month called premiums. Further, if the event does happen, policies require businesses or individuals to pay a deductible, or a lump of cash in order to receive such benefits. There are countless types of insurance coverage, especially when it comes to businesses. Let’s take a look at a few of the most frequently-purchased types of business insurance.

Vehicle Insurance

Every state, with the exception of Virginia, New Hampshire, and Mississippi, requires individuals to insure their vehicles with a minimum of liability coverage. Such policies cover other people’s vehicles if you get in a wreck with them. Every business needs to avoid fines and fees by getting vehicle insurance policies for all of their vehicles.

Workers’ Compensation Isn’t Cheap

Workers’ compensation is a program funded by both federal and state governments that provides injured employees with a series of payments in the event they get hurt on the job and can’t work until their injuries heal. Businesses are required to pay their employees just like they would if they were working if they get workers’ compensation approval. It’s better to pay for insurance than take such an expense head-on.

Product Liability

If you are a manufacturer of products, you need to invest in product liability insurance. Such policies protect against class-action suits and civil suits created by people who were injured by your products.

Imagine if all the work you poured into the business you owned were to lose all its value in just one day’s time. This can and does happen to business owners who fail to properly insure their entrepreneurial outputs. No matter what kind of business insurance lodi ca you need, our team at Eugene C. Yates will make sure your business is protected to the maximum.

About Author: