Get in the Know Before Shopping for Commercial Insurance Quotes in Mississippi!
You have decided to take the next step and turn your business from concept to reality. Be aware that before you can officially open your doors or even take on your first customer, you must first protect your business with commercial insurance. There are many different types of business insurance policies and not all will apply to your particular venture or be suitable for the industry you operate within. Rather than waste time looking at several commercial insurance quotes in Mississippi, get the facts and understand what you truly need.
Main Types of Commercial Insurance
There are plenty of insurance products out there to protect your company—professional liability, general liability, workers’ compensation, and more. It is important to know what there is so that you are not underinsured, but also not paying for coverage you do not need.
- General Liability – No business should operate without it. This covers you typically for claims falling under bodily injury, property damage, personal injury, and injuries to third parties. While helpful, it is a blanket, general coverage that does not get into every risk you will need covered.
- Product Liability – If you sell products, distribute or manufacture anything, product liability coverage is important. This is what covers your company in the event of a manufacturing defect, and also helps guard you against the financial losses associated with the impact of such defects.
- Professional Liability – This is ideal for businesses that offer professional services, such as healthcare providers, architects, accountants, etc.
- Commercial Property – If you have a store or office, property insurance will cover assets associated with your physical business location(s).
- Home-Based Business Insurance – A growing trend today is home-based businesses. Most business owners assume they do not need coverage, but this insurance protects what your homeowners’ insurance policy does not; especially any liability associated with your business.
- Workers’ Compensation – If your business does not have employees, you will not need workers’ compensation. However, if you have paid employees, you could be required to carry workers’ compensation coverage in case of an employment-related accident.
- Director or Officer Insurance – Protect your company from actions taken by officials that could harm your profits, especially if you have multiple directors.
- Business Income Insurance – Startups do not always stay “up.” This insurance can help replace lost income if your business needs to be suspended due to a covered peril.
Do You Need Specialty Coverage
Depending on your industry, there may be other types of specialty coverage products you need – from restaurant insurance to commercial fleet insurance, daycare insurance, and many others. This is why it is important that you meet with a commercial insurance broker for assistance. A trusted, knowledgeable and experienced broker can assess your overall business plan, perform a risk assessment, and help determine the products you need.
Get Commercial Insurance Quotes in Mississippi for the Coverage You Actually Need
Whether you are starting up a marketing firm, joining the ranks of retailers or you just want to work for yourself as a contractor or consultant, protect your business investments and hard work. The Nowell Agency can help you identify which commercial policies apply to your business. Our goal is to secure your peace of mind knowing your business is well protected.