A small business owner wears many hats, especially as your business starts to grow. It can be hard to make sure that all of your administrative paperwork is handled, especially when it keeps piling up into a monstrous pile. One part of the admin paperwork you do want to address as quickly as possible is the insurance your business needs in order to protect its financial interests.
You have a lot of ways that you open yourself up for liability as a business, so it’s important to identify those risks and understand the type of insurance you need to mitigate them. One aspect of business that most people think of when it comes to insurance is worker’s compensation insurance. Most states require this insurance in place when you have a business that has employees, and the penalties for failing to hold this insurance while having employees is enough to make most businesses get right on that.
Workers compensation insurance works by covering the lost wages, medical bills, and other associated expenses for a worker who gets injured on in your workplace. If you had to pay all of that out of pocket, it’s likely that you would end up paying a significant fee. Instead of taking the hit to your cash flow, the insurance covers the claim.
Another liability area for a business is in your products. Do you know what happens if someone gets hurt or dies using your products, even if they weren’t using them properly? The inevitable lawsuit. Product liability insurance handles claims of this nature, and general commercial liability covers it to a point as well.
Talk to us, a trusted Cornelius, NC insurance company, to find out what commercial insurance options keep your business going strong. We have a free online quote system to deliver commercial insurance information right to you.