Insurance

Purchasing insurance for your business is the best way to prepare for the unexpected and most leases require a business to have general liability insurance. The cost of liability coverage for a business depends on a couple of factors: location, business occupancy, business type, years in business and years insured. When you are ready to contact an insurance agent make sure you have the following items prepared to discuss:

• Description of your business, years in business and years insured
• Reason for Insurance (provisions in the new lease)
• A list with estimated values of your business inventory and equipment
• Information about your new building (year it was built, sprinklers, alarm, number of floors etc.)

Types of insurance coverage to consider:

• General Liability coverage protects the assets of your business in case you are sued for injury or property damage. In addition to covering your rented premises, the policy will cover your  business property. You should ask an agent to review other optional coverages available.
• Workers Compensation coverage is required by law if you have employees and provides medical and disability coverage to employees who sustain job-related injuries.
• Errors and Omissions coverage can be required by investors; particularly VC’s and protects your business in the event of mistakes or failures to perform a service as promised in a contract.
• Commercial Liability Umbrella policy provides coverage for claims that exceed the amount of coverage on your General Liability policy.