In Oregon, starting or purchasing a business can simultaneously be an exciting and worrisome time. People who are moving forward in any type of self-starting endeavor must be aware of how to create, market and sell their product so the business can survive and thrive. As they pursue their goals, there are other aspects that could recede to the background and be forgotten. One that is often overlooked is business insurance. It is imperative to understand what kind of business insurance is needed. This frequently hinges on the business itself and its structure.
The different types of business insurance
With a corporation or limited liability company (LLC), the structure itself provides a certain level of protection in which the owners’ personal property is generally shielded from a lawsuit. Having insurance can cover for unforeseen issues and grant greater protection. There are certain categories of insurance that businesses will need to consider. Regardless of the product or service, general liability insurance protects against financial loss for injuries, damage to property, medical costs, slander, libel and more. For businesses that are manufacturing, distributing or selling products, product liability insurance is important. This will help if there is a defective product that injures a customer.
Lawyers and medical professionals are examples of business owners who will need coverage for malpractice, mistakes and negligence. This is professional liability insurance. If a business owns and maintains property and physical assets, commercial property insurance will be a protective device if there is damage and loss for natural disasters, weather and damage that comes about due to willful destruction. Given the current circumstances in Oregon, this is crucial as fires and protests have broken out, regularly damaging property and negatively impacting business operations.
If a person runs a business from their home, they may need home-based insurance. This is added to homeowner policies and will cover for injuries and damage to business equipment. Finally, a business owner’s policy has all the aspects of a small business covered in a single policy. This can be beneficial as a cost-saving device if it is available.
Legal representation is vital when starting and running a business
Being adequately insured might not be something that business owners think about every day, but when there is an unexpected challenge from an accident or incident, it is good to have. For this or any other concern related to business law, a law firm experienced in all areas of business large and small may be able to help. Calling for guidance and representation is a wise decision.