What Types of Insurance Should Entrepreneurs Consider?
There are several types of insurance that entrepreneurs should consider:
1. General Liability Insurance: Protects against claims of bodily injury, property damage, and advertising injury. 2. Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, it covers claims related to professional mistakes or negligence. 3. Product Liability Insurance: Essential for businesses that manufacture or sell products, providing coverage against claims of product-related injuries or damages. 4. Commercial Property Insurance: Covers damage to business property due to events like fire, theft, or natural disasters. 5. Workers' Compensation Insurance: Mandatory in most states, it covers medical expenses and lost wages for employees injured on the job. 6. Business Interruption Insurance: Compensates for lost income and operating expenses if the business is temporarily halted due to a covered event.