Many dream of being a business owner in the Milwaukee, WI, area. If you are starting or running a business here, you need to know and manage many vital facets. One crucial part is insurance. There are various aspects of commercial insurance that a business owner needs to know.
Types of Insurance
When you build a commercial insurance plan, knowing the types of insurance available is important. You select a policy based on your business’s needs. Some of the kinds of insurance to consider include the following:
- Liability insurance provides commercial liability coverage for a business. This offers coverage for bodily injury, property damage, and other injury claims against your company.
- Property insurance offers coverage for all assets owned by your business. This includes protection for your place of business, inventory, and other assets against fire, theft, and other risks.
- Workers’ compensation offers coverage for your employees if they are injured while on the job.
It is also essential to assess your insurance requirements. Most businesses will be required by other entities to get insurance. This can include requirements set by lenders, real estate owners, investors, and other stakeholders. If you have employees, you may be required by the state of Wisconsin to carry worker’s compensation insurance. Following such requirements is important and will keep you in good standing.
Anyone who plans to own a business in the Milwaukee, WI area should call our team at Dern & Company. We offer various services to help ensure you build a plan that meets your needs and protects your organization.