When you own a business, one of the first things that you need to do is ensure your business, and your personal assets, are protected. One of the best ways to do this is to ensure you have the proper business insurance in St Charles MO. The basic types of insurance you need to purchase for your business are highlighted here.
Liability Insurance
This type of insurance will cover any injuries that may happen to a third party while on your property. If a person files a lawsuit against you for a personal injury or for property damage, then the cost of creating a defense for your case and also resolving the situation is covered by the liability insurance you purchased. General liability policies will help to cover you for the most common risks that may occur, such as customer injuries.
Property Insurance
No matter if you own or lease the space that your business is occupying, purchasing property insurance is essential. This type of insurance will be to cover the furniture, inventory, signage and equipment in the instance of theft, storms, fires or another incident. However, it is important to note, that the majority of mass-destruction disasters, such as earthquakes and floods, are usually not covered in this type of policy. If you are in an area that is prone to these types of issues, then you will likely need to purchase an additional policy.
Workers Compensation Insurance
When you hire workers, you will need to add workers compensation insurance to your policy. This covers any type of necessary disability, medical treatment or death benefits in the instance that a worker is injured or that they die because of your business.
Purchasing Business Insurance in St Charles MO is the responsible thing to do to protect your business. This insurance will also protect your personal assets in the instance that some type of accident or incident does occur. Taking the time to consider the type of insurance that is needed will help you find the right coverage for your business and ensure that you do not take a financial blow if an accident occurs.
