Three Foundational Coverages For New Businesses

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Are you looking for a Palisades insurance agent to help you cover your new business venture? Insurance is an important aspect of starting a new business, so getting the right coverage is vital. As you research the various agencies, here are three key coverages that you should be sure to ask about.

General Liability Insurance

Most insurance companies will offer general liability insurance as a catch-all coverage against third-party lawsuits. If someone suffers an injury or property damage because of your business, your policy would cover the legal fees associated with a resulting claim.

Professional Liability Insurance

Professional liability is like general liability in that it covers you in case of a lawsuit by a third-party. It differs in that the coverage is for instances where an error or omission on your part led to the third-party experiencing a loss. An example of this is a client suing their advisor because of financial losses.

Property Insurance

Property insurance is important for small business owners because even if all you have is a laptop and some inventory, it can cover those items in case they become damaged or lost. Some policies will even cover the data on your laptop if it’s lost for whatever reason. Rather than paying out of pocket, your policy will pay to replace or repair your covered items.

These three coverages can serve as a solid foundation for your policy. Work with an experienced Palisades insurance agent to ensure your policy is customized to fit your needs.