Types of Business Insurance

Your business is one of the most important investments in your life, and you want to be sure it is fully protected with the best insurance policy available for your company. Our agents at Elite Insurance Solutions are experts at finding the right coverage to keep your business interests safe. We know the choices and options of business insurance policies can be overwhelming, so we would like to tell you about the different types of coverages to consider. The following information from the U.S. Small Business Administration can help you decide which types are best for you and your business.

GENERAL LIABILITY

To protect your business in the event of an accident, an injury, or a claim of negligence, a general liability business insurance policy will cover any payments as the result of bodily injury, property damage, medical expenses, libel, or slander. This type of coverage also covers the costs of defending lawsuits and settlement bonds or judgments needed in an appeal.

PRODUCT LIABILITY

If your business manufactures, wholesales, distributes, or retails a product, you may be found responsible for its safety. A product liability business insurance policy protects you financially if you ever deal with a defective product that causes bodily harm or injury. Elite Insurance Solutions can help you find the right coverage to fit the products you sell or manufacture.

PROFESSIONAL LIABILITY

Also known as errors and omissions insurance, a professional liability insurance policy will protect your business from malpractice, errors, and negligence in provision of services you provide to customers. The state of Tennessee requires certain professions, like doctors, to carry this type of insurance.

COMMERCIAL PROPERTY

Covering lost and damaged property, including loss of income, buildings, computers, and business documents, a commercial property insurance policy is used in the event of fire, smoke, storms, civil disobedience, and vandalism. You can choose between an at-risk policy, which covers a wide range of incidences, and a peril-specific policy, that only covers certain risks, such as fire, flood, and crime. Elite Insurance Solutions can assist you with choosing the best commercial property insurance policy for your particular situation.

HOME-BASED BUSINESS

If you operate your business from your home, you cannot rely on your homeowner’s insurance policy to cover any business losses you could suffer. Our agents can look into adding special riders to your home insurance policy to cover your business as well as see if you need additional policies to cover other risks.

To be completely protected in your own business, contact Elite Insurance Solutions to talk to one of our agents about covering this significant investment.