A Guide for Business Insurance 2020

​If you own a small business, your operations must include insurance policies to guarantee protection against various risks that your business might face. Insurance is not only a requirement of the law in several states, but you might also have particular contracts or clients that require it.

Main Insurance Types You Should Consider
When you purchase a new Small Business insurance, the main Liability insurance types to always keep in mind should depend on your industry’s various aspects. Despite businesses having their unique qualities, there are also other types of insurance required in almost every industry or business, no matter what kind. These include Cyber Liability, General Liability, Professional Liability, Workers Compensation, and Business Owner’s Policy (BOP).

Workers Compensation
Because your employees are of value, you should always have protection as back up in cases when someone accidentally gets injured or ill on the job. Frequently, states mandate Workers Compensation insurance, but always make sure to read and review your chosen business location’s terms and conditions.

Workers Compensation insurance also comes in several forms, but it mostly provides coverage for illnesses and injuries. The policy will also offer payments for medical costs along with recovery from on-the-job injuries. If your employee still cannot come in for work, Workers Comp will make sure to provide prices for the wages they missed until they fully recover for work.

Business Owner’s Policy
BOP is more or less an insurance package since it includes coverage for property, including business and building personal property and other General Liability coverage aspects. BOP insurance is a promising path to purchase new small business policies that will cover other factors.

You can also protect other items, including business interruption, which will give you the necessary coverage in instances where you operating your business becomes difficult, and you lose income. There are aspects in Commercial Property and General Liability insurance within BOP. In the events where you get caught in a lawsuit, lawyer and court fees will immediately pile up, but BOP will make sure to provide coverage.

Conclusion
Unless you want to handle all the responsibilities for losses, especially if you are only starting a small business, you will most likely need insurance policies. There are various ways to know which one you need to stay insured with the necessary protection for your assets properly. You can begin by listing your responsibilities and start from there.

At CSIS Insurance Services, Inc., we do our best to make sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.