3 Types of Insurance That Exist to Protect Your Business

Insurance isn't just for your home or car, it exists for your business too.

From the day you finally get your business off the ground, you are exposing yourself to certain risks that pose a real threat to your business. Even before you hire the very first employee there are certain risks, like a lawsuit, that could have you closing your business' doors before they even get a chance to open. Fortunately for you€”and your business€”there are a wide range of insurance types that exist to protect your business from the perils that loom outside and in. Here are 3 insurance types that a business should have in place as soon as it starts.

1. Property Insurance

If your business has a physical space that it occupies, property insurance is a no brainer. This type of insurance covers signs, inventory, equipment, furniture, and damages from fire, storms, or theft. Things like floods, or earthquakes, however, are generally not covered.

2. Product Liability Insurance

If your business manufactures goods that it sells on the market, you must have this type of insurance. Even a business that takes the utmost care of its product is still in danger of being involved in a lawsuit due to damages caused by that product. Product liability insurance covers the business from these risks.

3. Professional Liability Insurance

This insurance covers businesses from negligence claims due to harm that results from errors, mistakes, or failure to perform. And just like superhero spandex, there is no one-size-fits-all option. Each business has its own set of policies that are tailored for a specific type of business.

Be sure that you know the cost of having insurance, and being without. To find the right business insurance that will protect and cover your business, be sure to contact Scavone Insurance Agency Center LLC, located in White Plains!