Business Insurance

Businesses of all sizes face a variety of risks, and one of the most essential steps in protecting your business is ensuring you have the right insurance policies in place. Indiana business law lawyers can guide you through the various insurance options and help you identify the specific liabilities your business may face. Understanding the legal requirements and insurance needs is crucial to safeguarding your assets.

Common Reasons Businesses Need Insurance:

• A landlord requires insurance to sign a building lease: If your business operates out of leased space, having the proper insurance is often a requirement from the landlord.
• Your new business has hired employees, which incurs the legal duty to buy a workers’ compensation policy: Workers’ compensation insurance is required by law in many states, including Indiana, to cover medical expenses and lost wages if an employee is injured on the job.
• You have investments in equipment or raw materials to protect: Insuring your physical assets, such as equipment, inventory, and raw materials, helps safeguard against damage or theft.
• Dissatisfied customers could sue you for product or service failures: If your business provides a product or service, there’s always the potential for customer complaints or legal disputes.
• General liability: A customer falls at your office or another incident occurs – general liability insurance helps mitigate these risks.

Types of Business Insurance in Indiana:

An Indiana business lawyer can evaluate your business’s risk profile based on size, location, the nature of your products or services, staffing, and physical assets. Depending on these factors, you may need one or more of the following types of insurance:

1. Commercial Property Coverage – A fire, flood, or wind storm could damage the equipment necessary to run your business. Insurance can cover the cost of replacement. Some policies could even compensate you for lost income during downtime resulting from the disaster or accident.

2. General Liability Insurance – Most any business needs a general liability policy. Even in the startup stage, bad luck or negligence could result in someone’s injury. Insurance can offset the expenses of legal representation and payment of a settlement.

3. Product Liability Insurance – If your business manufactures or sells products, product liability insurance covers the risk of injury to customers caused by your product, even if it has passed safety tests. This coverage protects against lawsuits for damages resulting from product defects or failures.

4. Professional Liability Insurance – Also called errors and omissions insurance, professional liability insurance protects your business from the financial fallout of mistakes, negligence, or failure to deliver services as promised. If your business provides a service rather than a product, this coverage is critical to protecting your reputation and financial stability.

Why Consult a Business Lawyer in Indiana?

Whether you’re just starting or looking to expand, it’s important to work with Indiana business insurance specialists or business law attorneys who can help you navigate the legal requirements, risks, and protections for your business. Having an attorney by your side ensures that you’re not exposed to unexpected liabilities. At Webster & Garino LLC, we specialize in providing comprehensive legal guidance for businesses, from real estate attorneys in Indianapolis to probate attorneys near me. Contact us today for a consultation to discuss your business insurance needs and how we can help you stay protected.

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