All business types require some form of insurance for coverage and protection. Just like other forms of insurance, business insurance protects your company in the event of an unforeseen circumstance. There are three main types of business insurance in Allentown, PA that you should consider which include general liability, property insurance, and workers compensation. While you might think that having insurance for your business is just a waste of investment, going without it could result in a serious financial setback for your company.
Liability Insurance
Of all insurances for businesses, this is by far one of the most important ones to invest in. Liability insurance protects both you and the company in the event that a customer is dissatisfied with a product or service that you provide. This type of insurance will pay your legal fees, pay for damages in the event the customer or their property was damaged or injured, and any settlement amounts you must pay out to the customer.
Property Insurance
Just like homeowner’s insurance, in the event that something happens at your place of business, property insurance protects all of your company’s assets inside the building. Many policies will cover losses ranging from theft to physical damage that resulted from a fire, accident, or other act of nature. This will cover repairs to the building,
x replacement of inventory and equipment, and any other replacement costs. Not all property insurance covers flood damage, and therefore if you work in an area that is likely to flood, you should inquire about additional insurance coverage.
Workers’ Compensation Insurance
If you’re a business that has employees working for you, you’re going to need to have insurance to cover them as well. Worker’s compensation insurance provides employees with added protection in the event that they are injured on the job, or become ill as a result of work related causes. This will cover their medical expenses and payroll as they recover from their accident or illness.
Everyone would like to run a business where the unthinkable never happens, however, because you work in an unpredictable world, having Business insurance in Allentown PA is your best option for protecting your business, your assets, and your staff. For more information on business insurances, Click here.
