Running a small business involves a significant investment in time and money. Business owner’s insurance in West Virginia protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster. Unless you are an employer, business insurance is generally not required by law, however, it is common practice to purchase enough insurance to cover your assets. If your business is an LLC or a corporation, your personal assets are protected from business liabilities; however, neither business structure is a substitute for liability insurance, which covers your business from losses.*
Your state government determines insurance requirements for businesses. Most states require businesses with employees to pay for workers’ compensation insurance, unemployment insurance, and state disability insurance. Your state may require insurance of specific business activities. For example, if you own a car or truck and use it for business purposes, you may be required to purchase commercial auto insurance. Finally, your financial lender or investors may require you to maintain life, business interruption, fire, flood or other types of insurance to protect their investments.*
A business owner’s policy will combine property, liability and business interruption coverage all in one easy policy for small to medium sized businesses. By packaging these coverages together, you will generally see a discount in your premium.
Supplemental coverages are also available. Contact us today to find out more. Quote line: 304-733-3300
*information provided by www.sba.gov