What Coverages To Include In Your Insurance Policy?

Insurance for New England

As a new business owner, you may find it challenging to determine the insurance coverages that you need for your business. After all, insurance isn’t your specialty and you have other things to take care of to get your business off the ground. While it’s understandable that your focus is on other priorities, you shouldn’t underestimate the importance of having quality insurance coverage.

Here are two basic coverages that you should plan to carry when looking for insurance for New England businesses.

Liability Insurance

There are various forms of liability insurance and their purpose is to protect you in case a lawsuit is filed against you by a third-party. Rather than coming out of pocket, your policy would cover your legal fees related to such a case. Depending on your business needs, you can get general liability insurance or more specific coverages like pollution liability insurance.

Property Insurance

Property insurance protects you in case of disaster. If your property becomes damaged or lost because of a fire, certain storms, theft or vandalism, your policy would cover the cost to repair or replace your items. Property that can be covered by your policy includes your buildings, landscaping, equipment, furniture, and digital assets.

You may need other coverages like workers’ compensation if you plan on having employees from day one. Commercial auto insurance will also be required if you will use a car to conduct company business. Work with an agent who’s experienced in insurance for New England businesses to craft a policy that suits your needs.