Running your business involves a significant investment. Business insurance protects your investment by minimizing financial risks associated with unexpected events such an injured employee, a lawsuit, or a natural disaster. It is common practice to purchase enough insurance to cover your assets. If your business is an LLC or a corporation, your personal assets are protected from business liabilities; however, neither business structure is a substitute for liability insurance, which covers your business from losses.
Commercial Property Insurance
Property insurance covers everything related to the loss and damage of a company’s property due to a wide-variety of perils such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of “property” is broad, and includes lost income, business interruption, buildings, computers, company papers and money.
Commercial Crime coverage provides coverage for employee theft, robbery inside and outside of premises as well as theft, disappearance and destruction.
Provides excess liability coverage and serves as a financial reserve or cushion against a judgment beyond the limits of your primary policy.
General Liability Insurance
Business owners purchase general liability insurance to cover legal issues due to accident, injuries and claims of negligence. These policies protect against payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits required during an appeal procedure.
Product Liability Insurance
Companies that manufacture, wholesale, distribute, and retail a product may be liable for its safety. Product liability insurance protects against financial loss as a result of a defect product that causes injury or bodily harm. The amount of insurance you should purchase depends on the products you sell or manufacture. A clothing store would have far less risk than a small appliance store, for example.
Professional Liability Insurance
Business owners providing services should consider having professional liability insurance (also known as errors and omissions insurance). This type of liability coverage protects your business against malpractice, errors, and negligence while providing services to your customers. Depending on your profession, you may be required by your state government to carry such a policy. For example, physicians are required to purchase malpractice insurance as a condition of practicing in certain states.
Mouton Insurance Brokerage, Inc.
7059 Blair Rd N.W., Suite 205
Washington, D.C. 20012
202 667-7509 fax