Owning your own business is the epitome ofthe American dream and protecting your business is of paramount importance. There are many types of coverage available for business owners with the three most prevalent being property, liability, and worker's compensation. As an employer you are required to carry worker's compensation insurance, and while property and liability protection are not always mandated, it makes good business sense to protect your assets with these coverages.

Worker's Compensation Insurance

Worker's Compensation Insurance covers medical costs and rehabilitation for employees injured on the job. It also covers lost wages and pays death benefits if the employee is killed in a work related accident. Worker's Compensation Insurance is mandatory in all 50 states.

Property Insurance

Property coverage protects your company's buildings and their contents (including other people's property brought into the building) against theft, fire and a variety of other perils. Typically, property insurance policies do not offer flood or earthquake coverage, and coverage for wind damage may be contingent upon the location of the structure. These additional coverages may be mandatory if your business is located in an area or region prone to such calamities. Contact an experienced agent to review your current coverage or place a new policy today.

Liability Insurance

Liability insurance covers the cost of defending a business in lawsuits and pays for any damages resulting from a suit. Liability coverage also pays any medical costs incurred by individuals (other than employees) injured as a result of business operations.

Business Owner's Policies

A Business Owner's Policy, or BOP, is a packaged insurance product that combines both property and liability coverage in a single policy. Business Owner Policies are available to most small to medium sized businesses and are generally more affordable than purchasing seperate liability and property coverage.

Professional Liability Insurance

As a professional you are expected to exhibit a certain degree of skill within your area of expertise and to perform the services for which you were hired in accordance with the standards of your profession. If one fails to perform services at the expected skill level or below the professional standards of the field, they could be held liable for damages they cause to another business or individual. Professional liability insurance is a specialty insurance designed to protect the professional against financial damages incurred through lawsuits filed against them by their clients.

Making Sense Of It All

Coverage requirements and insurance needs vary from business to business. For instance, a home-based business will require different coverages than a business operating outside the home. Insurance carriers offer a variety of coverages to meet the neeeds of businesses large and small and Island Insurance Services can help you decide what types and degrees of coverage are best suited for you. Contact an agent today to discuss all of your insurance needs.

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