Starting a business comes with a lot of risks. You might not get the customers you need to grow, you might not be able to pay for all your business expenses, or a customer could suffer an accident on your premises and hold your company responsible. A lot of things can happen, and as a business owner part of your job is to mitigate those risks as much as possible. Commercial insurance can cover a lot of accidents and disasters, so make sure you get the right kind of commercial insurance to cover your company.
Independent contractors regularly work on other people’s property and make big changes like moving pipes and wires, taking out walls, installing new plumbing fixtures, appliances, and cabinets, and so on. Contractor insurance includes bodily harm coverage (since small-team contractors don’t get workers’ compensation), property damage coverage in case a worker damages the property, and liability coverage for the completed job and the contract. Each contractor needs a unique set of insurance since the jobs they do and the scale they work on is always unique.
Restaurants have a lot of guests come and go throughout the day, and as the owner, you have a responsibility to keep your guests safe both from dining room accidents and from food poisoning. Liability insurance can cover any damages or medical bills you need to pay if something goes wrong, and workers’ compensation covers any accidents and injuries your staff suffers while they’re on the job. You should also have insurance to cover property loss or damage since kitchen equipment and dining room furniture can be expensive to replace.
Commercial Auto Insurance
Regular auto insurance for personal vehicles doesn’t cover as much as you need for a business. Depending on how you use vehicles, you’ll need extra insurance that can cover the injuries of your passengers and the value of the cargo you transport. You should also get extra coverage for your drivers, vehicle value, and the more traditional forms of insurance like comprehensive coverage and uninsured motorist coverage. It’s important to get this coverage even if your jobs take place at permanent worksites and your commercial vehicles are only for transporting people between them.
Even if your company never meets a customer face-to-face, there are certain kinds of insurance you’ll need. If you process customer payment information directly, you’ll need to keep your customer data safe and carry an insurance policy that can help you compensate your customers if a hacker manages to access your database. Cyber liability insurance can also help you compensate clients if you or an employee makes a mistake when recording data that costs them a lot of money.
Risk is all part of being a business owner, but so is risk mitigation. One important way to do that is to get the right insurance policies, but you need to know what risks your company could face and which insurer has the best policy to cover them. That’s why many area businesses work with the Panorama Insurance Agency to get the best insurance package possible.