Insurance, as you well know, protects people and businesses from financial loss. When you’re running a business, you take on a certain amount of risk, and damages can sometimes be very costly or even financially devastating. The last thing any business owner would want to do is pay for those losses out of pocket, and that’s why it’s a good idea to buy business insurance.
Now, you might be asking, “Am I required to buy business insurance?” The short answer is no, but there are a number of types of business insurance you should know about. They’re available to businesses when faced with a lawsuit or claim or in the event of a catastrophic disaster. Partners Insurance & Financial Services Inc. in Huntington, WV offers the following guide.
Business Insurance: What You Need To Know
In most states, including West Virginia, businesses are required to carry workers’ compensation insurance. Covered risks under this type of policy include injured workers’ lost wages, theft, and more. Without this coverage, your business has to pay expenses out of pocket when a worker files a claim – an event that could totally ruin your business if you lack the financial resources.
Although disability insurance isn’t required in West Virginia, businesses are strongly encouraged to buy this coverage as well. That way, if an employee with a disability is unable to complete their tasks on the job due to their condition, they can still earn at least a portion of their income. This coverage helps not only the employee but also the employer since they don’t have to worry about a possible compensation lawsuit.
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If you’re running a small business in the Huntington, WV area, chances are that you’ve considered buying business insurance coverage. For expert insurance advice, Partners Insurance & Financial Services Inc. is here to help you. For more information about how we can serve you, give us and get in touch with one of our trusted partners.