Most businesses need insurance, including those in Bethlehem, Pennsylvania. By working closely with your independent agent, you will be able to learn which types of insurance are right for your specific needs. Most importantly, you need to consider what risks your business faces and, as a result, which types of insurance are necessary to protect against those risks. Every business is different.
If your business does not have assets, you still may need insurance. For example, you will likely need liability coverage. Virtually all businesses need this type of protection. It helps to protect your business, and in some cases your personal assets, from lawsuits that may occur when a product or service does not meet the needs of the customer. If you are a contractor, for example, a mistake on the job, even by an employee, may cause damage to the property or even injure the client. When this happens, and the client suffers losses, you may be responsible for those losses. A single lawsuit can often times lead to costly fines and lawsuits.
In addition to this type of commercial insurance, your business may also need workers compensation. If you have employees, this may be a requirement within your state. Even if it is not a requirement, having workers compensation coverage can help ensure every employee is protected should someone become injured.
It is also important to talk to your independent agent about your need for coverage that covers your losses, such as damage to inventory or events that close your business for a short period of time. Even if you do not have major assets, your business may still need insurance protection. By talking to your agent, you can learn more about the types of insurance that may be right for your individual situation.