Owning your own business can be a wonderful way to make a living, particularly in Northwest Arkansas, an area home to some of the largest cities in the state. One aspect of owning a business is ensuring that your insurance policies provide adequate protection, and that is why it makes sense to speak to Adams Insurance & Financial about your options.
Commercial or business insurance is there to protect you from financial loss due to the unexpected. Most commercial insurances fall into one of two main categories. These are property insurance and liability insurance.
Liability insurance provides cover against legal liability. Depending on the type of business you own, there are the following options:
General liability insurance – suitable for any business.
Product liability insurance – suitable for businesses that wholesale or retail products, including manufacturing.
Professional liability insurance – this is for businesses that provide services.
Workers compensation – mandatory insurance for many Arkansas businesses with three or more employees falling under the liability category.
Property insurance is for insuring your property, including but not limited to buildings, inventory, and equipment. There are two main options.
Commercial property insurance – this is for large businesses with substantial physical assets.
Home-based business insurance – this is for businesses that run from home. Standard personal home insurance will not be sufficient.
Finally, there is an option called a business owner’s policy (BOP) and this combines several standard types of commercial insurance into one package, greatly benefitting small businesses.
The most basic tenet of any insurance is to purchase cover for what you cannot afford to pay for yourself. Protect yourself and your business and speak to Adams Insurance & Financial serving Northwest Arkansas about structuring your commercial insurance the right way for your business.