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Choosing the right insurance policies for your business can be a complicated and lengthy process. However, if you’re uninsured you leave your business exposed to a financial disaster. It’s important to understand your options and assess your risks to help determine the right insurance policies for your business.

1.) Property Insurance

E-commerce businesses should have standard general liability insurance. This covers bodily injury or property damage as a result of interacting with your business. It also protects against personal and advertising injury, including claims of libel, slander or copyright infringement made against your business.

2.) General Liability Insurance

General liability insurance is the foundation of all the insurance policies for businesses. It covers you against claims that involve bodily injuries and damage to property that may result from your products, services, or your place of business. For example, in a slip-and-fall scenario where you face a claim for medical costs due to an injured patron, general liability would protect your business.

3.) Business Auto Insurance

Business auto insurance covers vehicles that are used to conduct business. It includes coverage for theft and damage from accidents as well as third-party injury.

4.) Workers’ Compensation Insurance

Workers’ compensation insurance protects you and your employees from any injuries sustained while on the job. This is required in most states. Policies typically include coverage for the injured worker’s healthcare and wage reimbursement if the injury causes the employee to lose time from work.

5.) Product & Professional Liability Insurance

Product liability insurance comes into play if a customer files a claim against your business if your product malfunctions. On the other hand, professional liability insurance is for businesses that offer a professional service, such as doctors, consultants, or real estate agents. Professional liability protects you if a client files a negligence claim.

How much do insurance policies for businesses cost?

How much your insurance premiums cost depends on a variety of factor, including:

– The location of your business. Factors such as the safety of your neighborhood and the age of your building may determine your insurance premiums.

– Claim history. A business that has repeated claims against it will pay more over time.

– Driving history. If you or your employees have a poor driving record, you will likely face a higher premium on your business vehicle insurances.

– Poor credit score or missed insurance payments.

CTG: Personalized Business Insurance Solutions

CTG offers personalized insurance solutions tailored to your unique needs, risk level, and budget. We make the insurance buying process simple and accessible to all. Get started by scheduling a phone call, virtual, or in-person meeting with one of our experienced insurance advisors.

About the Author: Anton Thornquist
Anton Thornquist is the owner of CTG Insurance. Anton purchased CTG from his grandfather Ralph, and expanded the company to begin covering nonprofit organizations of all sizes and causes, as well as human services organizations. Anton saw how these sectors were underserved much like churches were back when the company was founded, so now CTG seeks to help even more kinds of organizations with their important work.

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