Understanding Insurance Issues

Moving Your One-Person Business To A Commercial Property And Hiring Some Employees? Isnurance Needs To Know Now

When going from being a one-person business that does side jobs in your spare time, to adding a couple of employees and moving into a commercial office space, you need to have the right insurance coverage. There are so many risks that can destroy your business if you don't have the right coverage, and talking with a commercial insurance professional can prevent this.

You may not even realize what different types of coverage you need. Here are a few things you'll want to talk about to get started.

Commercial Property Insurance

You need to be covered for anything that could happen to the property or on the property. This means coverage from:

  • Natural disasters
  • Fire
  • Theft
  • Accidents or injuries
  • Structural flaws or defaults

If the roof leaks and destroys electronics or causes other expenses, you want to be covered. If someone flips and falls walking up to the building, you need coverage. The insurance team will look at the commercial property, the type of business you run, and get the package you need for the necessary property coverage.

Liability Insurance

As a business owner, you need liability insurance. You need this type of insurance to protect you if someone tries to sue you for:

  • Injuries
  • Cyber breach
  • Negligence
  • Professional misguidance
  • Copyright infringement

These are just a few of the things covered. Your insurance agent will cater your business liability insurance around the type of business you have, and the type of work you and your employees will be completing every day.

Protection from Employees

You may also need to have a policy that protects you from employees. You never know when an employee is going to turn on you. You need insurance to protect against harassment claims, break of non-compete agreements, faulty lawsuits, and more. As soon as you have employees, you need insurance and protection.

You can get a business policy that has all of the insurance you need to protect everything from the property where you do the work every day, to the decisions that you make as a business owner. Since you are employing yourself, you also may want to get unemployment insurance coverage.

This means that if your business were to fail and you were out of a job, you would have a set amount of time that you could get money from this policy. This is a great backup plan to have. Talk with an agent and get the details and get the coverage you need today.