Starting a business requires you to complete many tasks, from obtaining a business license to purchasing a business insurance policy. And while some coverage options are mandatory according to federal and/or state laws, most coverage operations are optional and left for you to buy at your discretion. Most business owners understand the importance of protecting the company’s physical assets, but is commercial property insurance required by law?

In most states, businesses are required to hold the following types of coverage:

• Workers compensation: Provides financial benefits to employees who are injured on the job. In exchange for these benefits, employees forgo the right to sue their employer.
• Disability: Provides partial wage replacement to employees who become disabled from an injury or illness that is not sustained on the job.
• Unemployment: Businesses pay unemployment insurance taxes, which employees who are laid off can collect as they search for new work.

However, it’s wise to invest in additional coverage options, beyond what is simply required of you. Your independent insurance agent can assess the unique needs of your business and recommend the coverage options to protect your interests. But nearly every business out there can benefit from commercial property insurance, even though it’s not required by law.

Whether you own or rent your workplace, chances are you’ve invested in furniture, computers, raw materials, inventory, specialized equipment and more. If these assets were damaged, destroyed or stolen, would you be able to run your business? Would you be able to replace what was lost? Commercial property insurance can provide the funds to do just that, helping your business get back up on its feet after a rough patch.

Some additional optional policies to ask your agent about include general liability insurance, business interruption insurance, professional liability insurance and others as they’re recommended.

Get the coverage you need. Call us for more information on business insurance.