Three Types of Insurance for New Businesses

Three Types of Insurance for New Businesses

Three Types of Insurance for New Businesses

For any new business, weeding through insurance requirements is burdening. Separating what you need from what you might like to have is no small task. Martin insurance policies cover an extreme range of business needs, but here are three policies that are either important or mandatory across all fields.

Worker’s Compensation

This is mandatory. Your employees must be covered against work related injury by law. Because this will invariably be a part of your operation costs, it’s important to understand and manage this expense. Having the workplace assessed by a risk management expert will help you pick the optimal policy. In higher risk environments, a bigger coverage plan can save money, so tailoring the policy to the type of work your employees perform is the key to keeping this cost to a minimum.

Business Interruption

For newer and smaller businesses, these policies are life savers. Natural disasters like Hurricane Sandy can close the doors of a small business unexpectedly. A business interruption plan keeps the business alive when worst case scenarios threaten to shut it down for good.

Errors and Omissions

If your business will handle money in any way, then you will have bookkeeping. Even the best professionals in the world make occasional mistakes. This is the point of an errors and omissions policy. These plans provide coverage for costly mistakes. They can pay legal fees and even settlements in cases such as a breach of personal data.

Browsing through Martin insurance plans can help you get a feel for what your business will or will not need, but don’t hesitate to have a consultation. Insurance groups handle a large field of clients, so make the most of that expertise.