Basic Business Insurance Policies Every Employer Needs

Risk management is a crucial part of any business plan. While niche industries will have their unique risk exposures, and therefore require special insurance coverage to mitigate those risks, there are some common universal insurance standards that the majority of businesses will need to protect themselves, their workers and their assets during the course of operation. For example, commercial property insurance, workers compensation coverage, and general liability insurance are three basic insurance policies that are essential to nearly every American business.

Commercial Property Insurance basically provides the same kind of protection as personal property insurance, in that it is designed to financially protect a business for expenses involved with replacing and repairing broken, damaged, destroyed, vandalized or otherwise afflicted physical assets. Commercial property coverage can be secured for everything from rented office spaces to equipment, and shipped and received goods.

Workers Compensation (Worker’s Comp) insurance is designed to mutually protect both employers and employees in the event of a workplace accident or unforeseen illness exposure. Medical expenses and income replacement may be necessary should a workers suffer an on the job injury and would be provided through an employer’s worker’s comp policy, so long as that employee agrees to relinquish their rights to sue the company for negligence. As an employer, you have an obligation to ensure a safe and productive work place according to state and federal laws. While federal statutes are limited to federal employees or those industries involved in some significant aspect of interstate commerce, state statutes determine workers compensation parameters for the majority of businesses and industries. So checking with the state office to ensure that your business is securing the appropriate coverage is vital.

General Liability insurance is designed to protect employers in the event that they are sued for personal injury or property damage. A general liability will typically cover accidents or damages that occur on the work premises, involving business property, or as a result of using goods or services offered by a company. This coverage can also be secured to protect businesses from the financial burden of additional expenses such as attorney’s fees, settlements and court costs.

At Metro Boston Insurance Agency, we understand the risks you face as an business owner. To learn more about our coverages as well as our other personal lines insurance policies, please contact us today at 617-884-5480.