Signing up for insurance is one of the least-discussed aspects of entrepreneurship. Everyone focuses on income and expenses, but rarely is insurance discussed, even with the potential for your business to be sabotaged without it. If you’re interested in starting an independent consulting firm, Albuquerque insurance agencies are ready to help you. Here’s what you should know about the most basic coverages that will serve as the foundation of your policy for your independent consulting business.
Professional Liability Insurance
Professional liability covers you in case a client files a lawsuit claiming that they experienced a loss because of an error or omission on your part. Your policy would cover your attorneys’ fees as well as judgments and settlements.
General liability insurance is more of broad coverage in that it covers third-party claims related to injury or property damage caused by your business. Once again, if a lawsuit is filed, your policy will be available to cover your legal expenses.
As the name implies, property insurance protects your business property against loss or damage. Items that can be covered under your policy include your building and landscaping, furniture, equipment and even digital assets. Your property will cover the cost to repair or replace these items in case of a fire, inevitable storms, theft or vandalism.
There are plenty of other coverages to choose from depending on your needs. The best Albuquerque insurance agencies will be willing to customize their offerings to meet your demands.