What Kind of Business Insurance Should Your LLC Have?

A limited liability company or LLC owner may feel like they have all areas covered. Especially given that an LLC generally insulates you and your assets from business debts or lawsuits.

Unfortunately, what many business owners fail to realize is that’s where the insulation stops. 

That means you are left vulnerable to other threats– at least without the proper insurance. To keep you and your assets safe, you should be aware of a select few insurance policies that could prove helpful, but also some areas that could leave you vulnerable.

Risks to Your LLC

An LLC may vary in some ways from another business structure. However, it’s nearly identical to them in the risks that it’s exposed to. 

Here are some examples to illustrate that:

● Work-Related Injuries

While running a business, you must accept that there may be an injury. It’s unfortunate, but it’s a normal part of running many types of business. That’s why most states in the US require companies to obtain workers’ compensation insurance. 

LLCs are included in that as well, which means that if an injury were to occur, you’d be left vulnerable to fines or, in the worst case, jail time. So, it’s best to be insured and save yourself and your workers the trouble and risk. 

● Slip-And-Fall Injuries

Slip and fall injuries occur very often– across many businesses. If one were to happen in your place of business, the customer might file a lawsuit. 

If they win, you’ll be responsible for covering medical costs or other expenses that the court determines. While your personal assets may be safe, your business will be left to foot the bill.

Insurance for this type of incident depends on a number of factors. It is best to call us to discuss what your potential concerns are. For instance, if you are concerned about a potential slip and fall event at your commercial building or at an offsite event that you are “running”; the type of insurance you need can vary, talk with an expert!

If you’re ready to review what types of policies your LLC should carry to provide your business and yourself with the best protection, Contact Northeast – MetroWest Insurance directly to speak with one of our representatives to review your business’s insurance needs.