If you own a business then it is likely that you have made a sizable investment so ensuring its success is the top priority. One of the best ways to safeguard your business is to purchase adequate commercial insurance. In Indiana, business owners are required to maintain two different types of insurance. First, workers’ compensation insurance is required for any business that employs one or more people and helps pay for medical-related expenses due to work-related injuries and illnesses. The second, commercial auto insurance, is needed for any business-owned vehicles and you must maintain at least the following minimum coverage:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
Keep in mind that these are just the minimum liability figures and many businesses will want to increase the limit to protect themselves further. Not having either of these insurances will open you to liability in the form of fines from the state of Indiana and from being sued by employees that are injured while at work.
Although not required, Indiana business owners should also consider coverage for other incidents such as cyber liability insurance to help pay for damages associated with cyber attacks such as notifications to customers, litigation, and fines. Other popular coverage includes professional liability insurance, which protects businesses that offer services to their customers.
At Blevins Insurance Agency in Lafayette, IN, we know commercial insurance like the back of our hands. Whether you have just opened a business and are buying a policy for the first time or are looking to change insurance providers, we want to help. Give us a call today to learn more.