Business 101: Insurance Coverage for New Business Owners

February 26, 2014

You have made the decision to start working for yourself and are ready to start up your own business. In preparing to open the doors you have researched the product and/or service you plan to offer, taken the time to find the right location and have done everything else needed to open the doors to your new business venture. Have you taken the time to protect all your hard work by selecting the best business insurance for you and your business? If not, now is the time to speak with an insurance agent about your options.  Some of the basic coverage options to consider are:

Liability insurance.  Protects you and your business from third-party claims due to an accident or negligence. This policy will cover you for legal costs and other payments for bodily injury, medical expenses, libel or slander and property damage resulting from a covered claim.  A liability policy can be written to cover your premises, products and operations.

Property insurance.  Covers loss or damage to your contents and, if needed, your building. This type of policy can include protection against fire, lightning, wind, hail, theft and vandalism. It is important to get the right amount of coverage on your property to replace it in the event of loss.

Workers’ Compensation.  Protects you and your business from medical and legal costs related to your employees having an injury on the job.  This policy will not only cover your employees’ medical expenses, but will also cover lost wages. Without protection from the Workers’ Compensation system, you expose yourself and your business to being sued by an injured employee.

Commercial Auto.  Protects your company from liability and covers the vehicle for physical damage due to the business use of a covered vehicle. It not only provides coverage for owned vehicles, but can also extend to non-owned and hired vehicles used on behalf of the business.

For more information about the insurance needed for your business contact the Central Insurance Agency. We help protect business owners in Austin, Texas and surrounding areas.