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For readers who clicked here to learn the answer of the title question, the answer is that there is no simple answer. The laws vary. However, there are some general types of insurance that businesses are often required to purchase. They are as follows:

  • Worker’s compensation: If a worker gets injured or falls ill due to conditions on the job, worker’s compensation pays for medical expenses and wage replacement. Some employers pay to cover rehab as well. If a worker dies on the job, worker’s comp pays out benefits to that workers dependents.
  • Unemployment: Businesses are obligated to pay unemployment insurance taxes. Employees who are laid off can then collect unemployment benefits while they search for new work.
  • Professional liability insurance: Some professionals are required to purchase professional liability insurance, or errors and omissions insurance.
  • Disability insurance: Some businesses are required to have partial wage replacement insurance coverage for employees eligible for non-work related injuries or illnesses.

Apart from the insurance policies that are required by law, there are a few policies that should be considered essential. These include:

  • Commercial property insurance: Covers against business property damage due to fire, storms, theft or vandalism.
  • General liability insurance: Covers against accidents and negligence claims.
  • Product liability insurance: Covers against defective products.
  • Business interruption insurance: Covers day-to-day business expenses in the event that you are temporarily unable to conduct business.
  • Home-based business insurance: Covers against general or professional liability.

Business insurance policies are tailored to the unique needs of each individual business. As an independent insurance agent, we will evaluate your business and shop our network of carriers for the best coverages available.

Is it time to reevaluate your insurance portfolio? Call us at 800-667-7640 for more information on Moose Jaw business insurance.

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