Regardless of the size or nature of your business, one thing that remains the same is the need for business insurance in Lisbon. There are many different aspects of your business that you’ll want to consider when looking for new business insurance – or reviewing your current insurance coverage.
Because every business is unique, each one will have different insurance needs.
For example, a company that produces physical goods may need different insurance than a company that offers services. In either scenario, there are some similarities, and listed here are a few types of insurance that all businesses should consider.
Workers’ Compensation Insurance For Your Employees: This type of business insurance in Lisbonis required by law in almost every state. If you have an employee(s), you most likely need Workers’Compensation Insurance coverage.
It provides coverage for medical costs and a portion of lost earnings for an employee who becomes injured or ill on the job. This type of insurance typically only covers injuries or illness that happen on the job site.
General Liability Insurance: This insurance is intended to protect you and your business from a variety of claims, including accidents, injuries, or claims of negligence. This type of insurance can help pay for things like property damage, medical expenses, libel, slander, and legal costs.
Professional Liability Insurance – Errors And Omissions Coverage: This type of business insurance in Lisbon protects you from lawsuits that claim negligence in providing professional services, providing sloppy work, or making mistakes or oversights. It’s especially important if you have a service-based business but can also be necessary for other types of businesses as well.
Property Insurance: The definition of “property” is rather broad and can mean different things to different businesses. That’s why it’s important to make sure you carry sufficient Commercial Property Insurance. Without this type of insurance, most small businesses wouldn’t be able to replace their equipment if something happens to cause damage or destruction. Property covered by this type of insurance can include buildings, computers, inventory, supplies and equipment.
Life Insurance/Key Executive Insurance: Offering life insurance for employees can be a valuable benefit when trying to attract high-quality personnel. A business can even offer additional coverage for executives who are deemed to be crucial to the running and success of the business.
Many insurance companies bundle certain coverages, and this can help save you money, as long as you make sure you get the proper type of coverage.
Even if you feel you have adequate business insurance in Lisbon that meets all your current needs, it’s still advisable to review all your coverage on at least an annual basis, to confirm that your coverage continues to provide everything that you need.
This is especially important if you or your business have gone through any major changes, such as a change in family status, or a significant increase or decrease in business activity. A business policy is not meant to be used as a “catch all” policy covering any/all business activities. As you change operations, it’s critical to contact your agent to make sure your business policy covers you for the new operations.
Because insurance requirements can be different depending on where your company is located, it’s important to work with an experienced insurance professional to make sure you’re getting the coverage that’s needed and required.
Don’t leave your business vulnerable – if you need business insurance in Lisbon, call our office today at (330) 337-9557 and we’ll discuss your specific business insurance needs.