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What insurance coverage should my new business carry?

On Behalf of | Jun 28, 2022 | Business & Commercial Law

Starting a new business is exciting, but it can also be nerve-wracking. Worrying about bills, workload, clients and other concerns can keep you up all night. One thing you should not worry about is whether or not an accident will close your business.

Help yourself sleep better by carrying the correct policies to protect your business and your personal wealth. Each new business should carry these five types of policies to guard against the unexpected.

1. Property

This policy will reimburse you for any lost or damaged property. It covers not only a building or structure but also the contents of the building including furnishings, inventory, computers, machinery, etc.

2. Liability

This policy will pay for damages when the company is liable for them. This includes covering physical damages, medical bills, attorney fees and legal defense.

3. Business Auto

If your business owns vehicles this insurance will cover accidents and damages in the event of an accident.

4. Workers Compensation

This policy pays for medical care and lost wages to an injured employee if that injury occurred during the course of their employment. Oregon requires this for businesses with even a single employee.

5. Error and Omission

If your business gives advice, provides physical care or represents others’ needs, makes recommendations or provides design or drafting services, this policy is a must-have. It provides coverage in the event that a customer, client or patient sues the business for failure to perform.

Carrying ample insurance can help you sleep better at night knowing you have protected your business against the unexpected. Consult a professional to be sure you have the right coverage.