When starting a new business, one of the many things you must consider is risk management. Most professional businesses and insurances divide up risk management into 5 categories. These categories are: property, auto, business interaction, liability, and worker's compensation.
Many people get confused with what property insurance covers. Property insurance covers: building, furniture, inventory, and general equipment and tools. It does not include automotive. Therefore to continue to a coverage you will have to have auto insurance for your premises. Another thing to note is “transit liability” and "premises liability." Transit liability will cover your shipping to customers if anything is missing and/or broke on arrival, and premises liability will cover any accidents inside the store. Business interruption is sometimes included under the broad category of "property" because it typically results from damage to business property. This risk can be the most devastating to businesses, particularly small businesses. Finally there is worker's compensation. This would cover any injury or even death that may occur to an employee.
Each of these are extremely important to make sure your business is entirely insured. Whether it be a customer injury, property insurance, auto insurance, business interruption, or workers compensation, everything is covered with this method. To find more information about our commercial insurance policies visit our website here.
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