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Breaking Down Business Insurance

Are you currently sifting through Albuquerque insurance agencies trying to figure out which you should choose as your business insurance carrier? As you make sense of all the variations in coverages, here is a simplified breakdown of the two most popular coverages that you’re likely going to need in your policy.

Liability Insurance

There are various forms of liability insurance, but simply put, it protects your business in case a third party experiences some sort of harm as a result of your business and decides to file a lawsuit. Your policy will cover your attorneys’ fees as well as any legal and medical expenses for which you are found liable.

Property Insurance

As the name suggests, property insurance covers your property against loss. Your policy will offer funds towards repairing or replacing lost or damaged property. Items that can be covered include your building, equipment, furniture, landscaping and electronic data. Incidents covered range from thunderstorms to vandalism to cyber-attacks. Depending on your level of coverage, your policy may even offer payment to replace potential income that you missed out on because of your loss.

The coverage variations and limits will vary among Albuquerque insurance agencies. Having a solid grasp of business insurance concepts as they relate to your coverage needs will help you to avoid signing up for a policy that doesn’t meet your needs.