The Top 3 Insurance Types for Business Owners

The Top 3 Insurance Types for Business Owners

Agencies like North Star understand that today’s businesses face unique risks, day in and day out. Just like you have a comprehensive insurance portfolio for yourself, your business needs to be protected as well. While the types of coverages recommended depend on the type of business you own, these three insurance policies should be part of your insurance package.

1. Professional Liability Insurance

Your general liability insurance is great, but as a business owner you need more than that. Professional liability, which is sometimes referred to as “errors and omission insurance,” covers your liabilities as a business owner and is an absolute must-have. It provides coverage for personal injury and for claims for negligence.

2. Umbrella Insurance

Operating a business is a risky endeavor. Lawsuits are very common, and it’s well-known that today’s jury awards tend to be rather high. The coverage that your standard liability insurance policies provide may not be sufficient in certain situations. Umbrella insurance steps in after the limits of these liability policies have been exhausted. Without umbrella, you could risk losing your business.

3. Commercial Property Insurance

Whether your business operates from a designated facility or you have a home-based business, commercial property insurance is a must. Just like a homeowner’s insurance policy, commercial property insurance provides coverage for your business facility. However, be aware that as a home-based business owner, your homeowner’s insurance doesn’t cover your business.

No business owner should go without these three insurance types. Agencies like North Star can tailor a business owner policy package that fits your needs.