Basic Coverages You Need When Starting Your Business

Are you looking to find insurance coverage for your new business? Here are some of the basic coverages you’ll likely need to get started.

General Liability Coverage

General liability insurance provides coverage in case your business activities cause harm to a non-employee or their property. This policy will cover payments for any legal fees, settlements and judgments.

Professional Liability Coverage

Professional liability protects your business in case a client files a lawsuit claiming that negligence in your service caused them to experience loss. Like general liability, it also provides payments towards any legal fees. Professional liability is also referred to as errors and omissions insurance and malpractice insurance.

Property Coverage

Commercial property insurance pays to repair or replace your property including buildings, furniture, equipment, computers and data. Some policies will even reimburse you for potential revenue lost due to lost or damaged property.

Workers’ Compensation Coverage

Workers’ compensation is needed to cover your employees in case of an on-the-job injury. The policy will cover legal or medical fees associated with such an incident.
Starting a new business can be very exciting but finding the right insurance can be stressful. As you look for an Albuquerque insurance agency, having an understanding of the types of insurance you’ll need can help your search go much smoother. Be sure to work with your new agent to customize your policy to fit your needs prior to signing any contracts.