Important Types of Business Insurance in Brighton

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Just like individuals, businesses need insurance to reduce the risk of possible negative events. While there are some exotic types of insurance for companies, most will be fine with the standard types of business insurance in Brighton.

Liability insurance is the first type that many business owners think of. If someone slips and falls, gets cut, or is otherwise hurt on your premises, they can sue for a large amount of money. Injury liability insurance will protect the company against such damages, though of course, you must still take all reasonable steps to ensure the safety of those on your property. Property damage liability is another type of liability insurance businesses should have. One example of this risk is shopping cart damage to cars. The owner of an affected car can sue the store for a new paint job. Other businesses face even more property damage liability. A maid service, carpet cleaner, or appliance repair company are liable for any damages their crews cause while in customers’ homes. Depending on what gets damaged, this could amount to a bill of $100,000 or even more. Getting property damage liability insurance protects against this risk and can mean the difference between whether or not it’s worth it to be in business.

Other types of business insurance in Brighton cover against events that every business can face. Theft insurance protects companies ranging from giant warehouses all the way down to single-person shops. Other types of coverage are also similar to those found in home insurance in Brighton. They protect against fire, storm damage, vandalism, and other forms of physical loss or destruction of property. The main difference between a home policy and one for a business is often simply of degree. A company may have $1 million worth of stock to protect along with a big building, so possible coverage limits are understandably higher.

Workers’ compensation insurance is a type of coverage that must be purchased by businesses that have any employees. It protects the employees from income loss if they are injured on the job. Even though it’s mandatory, it pays to shop around. Just like mandatory car insurance, workers’ compensation policy premiums vary from company to company.