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Owners of Fortune 500 companies aren’t the only ones who need business insurance. If you operate a business from your Laurel, Maryland home, no matter the size, you will find that insurance is critical to protect you from loss. One lawsuit or accident that damages your home office can cause you to go bankrupt or cause a major setback. The following types of insurance keep your business covered in times of emergency.
Liability Insurance
Liability insurance protects your business from a lawsuit in the case that you accidently cause loss for a client, employee, or business visitor. If a visitor to your home gets into an accident and is injured, liability insurance steps in to cover the medical bills and protect you from incurring any financial burdens.
If you are a doctor, lawyer, or other type of licensed professional, then professional liability insurance for your business is a must. This form of coverage will protect you from accusations of negligence that might be made by your clients.
Product liability coverage is another form of liability coverage that protects you from lawsuits that might arise if a product that you design or fail causes injury or damages another person’s property. This form of liability coverage is essential if you develop, manufacture, or supply any type of product from your home.
Business Automobile insurance
If you use a vehicle to conduct business from your home, be sure to note that your regular auto insurance policy might not cover your losses if you get into an accident. If you are conducting business when you are involved in an accident, you will typically need business automobile insurance to cover the damages to your car and any items or equipment that are associated with your business.
How an Independent Agent Can Help
Because every business is unique, the types of commercial coverage you will need for your home based business will vary. If you contact us today, an independent agent can help you assess the insurance needs for your business.