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When a client becomes overwhelmed with the legal matters related to business insurance, they sometimes ask our Fairfax insurance attorneys for help. In the event of a disaster, you will mitigate your risk if you have the right type of coverage. Generally, you will probably need a minimum of property and liability insurance.
Property insurance protects the physical aspects of your business, including fixtures, equipment, furniture, electronics, inventory and any personal property. You will also need to discuss which losses are covered. For example, a basic policy often includes fire, smoke, storms, riots, vandalism and more. However, it will likely not cover theft. In addition, you can request specific coverage, usually through a separate policy.
Check your building lease to ensure that you are abiding by the terms, including the correct amount of coverage. Someone with a home-based business might need to adjust their coverage to include business-related property.
Liability coverage addresses any accidents or injuries that happen while someone is on your property. A separate type of coverage is product liability coverage, which includes damage from a product you create or sell. Auto-Liability insurance coverage is a separate policy that will protect you if you are in a business-related car accident, even if you or an employee uses your own vehicle for business.
If you are looking for a business-insurance policy, you can contact an insurance broker who can help you wade through technical jargon so that you can find the best deal. Your agent should keep your best interests in mind and should specialize in your type of business.
If you are uncertain about the type of business insurance coverage you need, we can explain the different coverages that are available. For further help, contact our Fairfax insurance attorneys at Schleifman Law, PLC.