The process of finding insurance for New England businesses can be a challenge for new owners. With the number of similar options available, it’s easy to settle for the cheapest option on the market. Unfortunately, doing so can prove to be a mistake as it may cause you to miss out on critical coverages pertinent to your industry. As you continue searching for the right agent, here are the two main coverage types that you should be sure to discuss with potential agents.
There are several forms of liability insurance. Maybe the two most popular for small business owners are a general liability and professional liability. General liability protects you against lawsuits brought against you by individuals claiming injury or property damage caused by your business. Professional liability protects you against claims from individuals that an error or omission on your part led to them experiencing a loss. In both cases, your policy will cover your legal expenses associated with a lawsuit.
In general, property insurance will cover the costs to repair or replace your covered business assets in case they become damaged or lost. Items that can be covered in your policy include your building and landscaping, furniture and décor, physical equipment and digital assets.
You may also need to carry workers’ compensation depending on if you have employees. Work with an agent who understands the intricacies of insurance for New England businesses to ensure you get the coverages that are appropriate for you.