3 Types of Insurance Necessary for Your Business

Brooklyn business insurance

From the inception of your business, you expose yourself to certain risks. One unpredictable event or lawsuit could cause serious setbacks. The good part is that business owners have the ability to a variety of insurance policies to implement protections against those dangers.

1. Property Insurance

Whether you own or rent your space, insurance that covers inventory, signage, equipment, and furniture is a must-have. Most commercial property insurance plans provide protection in the case of a theft, fire, or storm. If you need protection against floods or earthquakes, you may need an additional policy.

2. Professional Liability Insurance

Every business is susceptible to claims of negligence. Professional liability insurance goes farther than general liability. This type of plan is commonly referred to as errors and omissions insurance. It covers your business in the event that a third party claims your negligence caused harm.

3. Workers’ Compensation Insurance

Upon hiring your first employee, workers’ compensation insurance becomes critical. This covers disability, medical treatment, and death benefits if an employee gets injured or dies in any way relating to working for your business. Even slipping and falling can result in a costly claim.

By having the proper Brooklyn business insurance in place, your business can avoid major losses due to lawsuits or unforeseen events.