You've finally decided to take the plunge and start your own business. Now what? You'll need to decide on a name, pick a location, and get your legal and financial documentation in order, but there's an important piece still needed for your new company – Business Insurance.
It's not the most exciting or glamorous part of being a new business owner, but it's a critical part of any successful business because it protects your new company from many disasters or risks that could harm your long-term success. Learn about some of the business insurance policies you'll need to get your business off the ground and how Aegis Insurance & Financial Services can help.
General Liability Insurance is the cornerstone of any business insurance portfolio because it protects your company in the event of a third-party lawsuit. This policy works by providing financial protection if your business is sued or held legally responsible for causing personal injuries or property damages.
Companies are often sued for issues such as:
• Slips and falls on company property
• Injuries caused by workers
• Illnesses caused by food-borne illnesses or unsanitary conditions
• Vehicle damage due to tree debris or poor parking surfaces
• Accidents involving business property or merchandise
Although you might think your company's risk of being sued is low, lawsuits filed against businesses is at an all-time high, and the court costs and legal expenses involved in just a single lawsuit could cause your business significant financial harm. In addition, many companies are required to carry General Liability coverage in order to sign a property lease agreement or before they can enter into contract with a client.
Commercial Property Insurance
Your business property is a major asset and protecting the value of your land, building, and personal assets should be a top priority. Commercial Property Insurance covers the value of your business property and assets if they're damaged, lost, or stolen during a covered event.
Commercial Property Insurance can protect your business from disasters such as:
• Property theft
• Lightning damage
• Hurricanes or major windstorms
If your restaurant suffers a devastating kitchen fire, or your retail store is burglarized, Commercial Property Insurance can help cover the losses and the cost to repair or replace what's been ruined. The financial help that Commercial Property Insurance provides allows your company to make a faster recovery to minimize revenue losses or company downtime.
Workers Compensation Coverage
No matter what type of business you own, you'll rely on your employees and staff to help run daily operations. When they get hurt or injured on the job, it can put your entire company at risk if you don't have the right kind of business insurance protection.
Workers Compensation Insurance protects companies by providing financial benefits to employees that are injured or fall sick while at work. The policy pays impacted workers for:
• Medical expenses
• Lost wages
• Long-term care (physical or occupational therapy)
• Disability benefits
• Death benefits for survivors
Your business will also be protected by this coverage since it prevents lawsuits from injured or sick employees, helping avoid costly and time-consuming court cases. Your employees get the care and financial help needed to let them focus on their full recovery, and your business gets critical legal protection from expensive lawsuits.
Aegis Insurance Provides Business Protection
Whether you plan to open a small retail boutique, a service contractor business, or a large restaurant, you'll need to protect your new business with quality Business Insurance policies from Aegis Insurance & Financial Services.
Our team of Commercial Insurance agents can help identify all the areas where your new company will need insurance protection and create a customized Business Insurance portfolio tailored to your industry needs and company budget.
Contact the Aegis team today at 713-850-7622 to learn more, or fill out our online form to request a free quote!