Old Bay Insurance Agency Blog
Insurance is vital for your business. It acts as a safety net for your business operations especially if uncertainties start to get in. There are many factors why you need insurance – recession, natural disasters, bankruptcy, and terrorism to name a few.
Making sure that your business entity is safe and sustainable is a wise move as an entrepreneur. Business insurance does not only protect your business but it also secures your employee’s living.
To guide you in getting the right insurance that fits your need, here are some of the essential insurance choices your business operations should have:
1. Property Insurance
Property insurance is a type of insurance that answers to a loss covered by the agreed policy. It acts as a protection for your business property which also includes interior fixtures, furniture, computers, business operations inventory, and other items that are essential for your operations.
Property insurance also ventures on securing your business entity for further loss and damage. It also hands out the financial help to keep your business operation going until the called damage is fixed or repaired.
2. Liability Insurance
Liability insurance protects your business from being sued by other entities in case your services fail to deliver or result in damages. As a business, you are considered negligent to any defective product, fail service, and harm caused by any of your offerings.
Liability insurance pays for any legal expenditures that might arise when the complainant files a legal affidavit against your company. This said the type of insurance also shoulders the medical expenses of anyone who was harmed by your product or service offerings.
3. Workers Compensation Insurance
Workers compensation insurance may not be mandatory in some states but it is recommended. This type of insurance pays for your employee’s medical expenses, lost wages while on medication or hospitalization, up to the extent of giving compensation to the family of the employee in case of his/her demise.
4. Business Income Insurance
Business income insurance or also known as business interruption insurance a type of business insurance policy that covers the business operations expenses in case it is suspended due to natural disasters or any fortuitous events.
5. Data Breach Insurance
Data breach insurance could be one of the most-sought policies to have for your business. There are many reports of malicious malware and hackers that access your databases and hack your system. In any of this case, this type of insurance protects your business against any legal liability or negligence occurred by the situation.
Business insurance can come in many forms. You might inquire about a thing or two, or even subscribe to several of it but always remember that putting your business safety a priority is always the best move to stay in the industry for long. At Old Bay Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (410) 777-5390 or Click Here to request a free quote.