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3 types of insurance every new business needs

On Behalf of | Oct 14, 2021 | Business & Commercial Law

Starting a new business requires you to complete a variety of tasks to get your operation up and running. One of these many tasks involves protecting your business from major liability with insurance.

There are many different types of business insurance your operation may need. The following are three types of insurance to protect your business with when you first start out.

1. General liability insurance

This type of business insurance protects your operation from any claims relating to property damage or bodily injury. For instance, if one of your customers slips while shopping in your store, your general liability insurance could help pay for his or her medical treatment.

2. Commercial property insurance

With commercial property insurance, you can cover the costs of damage incurred to your business’ property, including your equipment, tools and furniture. If, for example, a major storm damages your warehouse’s roof, your coverage could help pay for the repairs.

3. Workers’ compensation insurance

If you run a business in Oregon, according to the State of Oregon, you most likely need workers’ compensation insurance. You must have this type of policy if you employ more than one “subject worker.” Some workers fall under an exemption, and there are approximately 30 types of exemptions in the state.

You likely want your business to grow and thrive and having proper insurance coverage can help you accomplish this. With enough coverage, you can protect your business’ reputation and prevent major financial loss in the event of an unexpected situation.

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