A Limited Liability Company, or LLC, is an attractive business structure to many business owners.
Why? It protects the business owner’s personal assets from lawsuits or business debts. This is an important layer of protection that mitigates the financial risk of owning a business.
However, many business owners make the mistake of thinking their business assets are also protected by their LLC - when in fact, they are not!
To get the right coverage for their LLC, business owners often turn to independent insurance agencies (like RG Insurance) to help them craft the right combination of policies for their specific risk management needs.
Obtaining the right coverage is important if you want to prevent financial losses, suspension of professional licenses, or even bankruptcy. These could happen if your business is held liable for causing a physical or financial injury.
Exact coverages will vary depending on the specific types and levels of risk that a business has, but educating yourself on the following essential coverage types will serve well as a baseline.
Depending on the chosen carrier, some of these coverages may be bundled under a Business Owner’s Policy, or BOP, which can help you save on premiums.
Helps protect against liability claims that occur during normal business operations (e.g. Customer Injury or Property Damage, Advertising Injury such as Copyright Infringement or Libel)
This is an important consideration for service-based businesses. This coverage helps protect against lawsuits claiming that business owners made a mistake in the performance of their professional services.
This is crucial if you rent or own office space. This coverage helps to repair or replace your property in the event of an accident, fire, theft, or natural disaster.
This coverage is often mandatory according to state law. Worker’s Comp covers the legal fees, medical expenses, and lost wages for employees that are injured or become ill on the job.
Helps cover the cost of accidents while you or your employee is using a company-owned car for business purposes. This includes damage to the vehicle as well as liability coverage for the accident in which the vehicle was involved.
This coverage helps replace lost income if you temporarily cannot reopen your business after a covered loss, such as property damage. This coverage is often included in a BOP.
Don’t let insufficient coverage wreak havoc on your business finances and peace of mind.
Let RG Insurance help you get started with a custom business insurance quote that is tailored to your specific level of risk! We have 5 offices located across Maryland for your convenience.
Come visit us today, and let us help you find the right coverage at the best price!
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