Three Foundational Coverages For New Businesses

Are you having a hard time finding insurance for your new business? With all the available options and industry terminology that is often used in their marketing materials, it can be difficult for new business owners to find the insurance coverages they need. To help add some clarity to the process, here is a breakdown of three of the foundational coverages you should plan to include in your new policy.

General Liability Insurance

As the name implies, general liability offers general protection for your business in case a third party files a lawsuit claiming they incurred bodily injury or property damage because of your business. An example of a general claim is client falling on your property and filing suit for their injuries.

Professional Liability Insurance

Professional liability insurance in Babylon covers any cases where a client claims that negligence or malpractice on your part led to them experiencing a loss. Whether it’s bad advice or a widget not performing as expected, your policy will pay for the legal fees and damages for which you’re liable.

Property Insurance

Property insurance pays to repair or replace your equipment, furniture, building and other business property in case they become damaged or lost. Incidents that are usually covered include fires, certain weather events, vandalism and theft.

With these three coverages, you’ll have a firm foundation for your new insurance policy. An agent who’s experienced with professional liability insurance in Babylon and other local insurance requirements can help you build the perfect policy.