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Necessary Business Insurance

Call Mosaic Insurance in Prescott for all your business insurance needs.Call Mosaic Insurance in Prescott for all your business insurance needs. As experts in business insurance in Prescott, Mosaic Insurance understands that any new business is at risk, even before hiring the first employee or making the first dollar. Without the proper insurance in place, one lawsuit or catastrophic event could be enough to wipe out a small business before it even has a chance to get off the ground. So here is a list of the basic insurance requirements for any new business.

Professional Liability Insurance (also known as errors and omissions (E&O) insurance) - This covers a business against negligence claims due to harm that results from mistakes or failure to perform. Because each business is unique, this is normally a custom policy written to protect the aspects of your business dealings with the public.

Property Insurance - Whether a business owns or leases its space, property insurance is a must. This insurance covers equipment, signage, inventory and furniture in the event of a fire, storm or theft.

Workers Compensation Insurance - With the first employee comes the need for workers compensation insurance. This will cover medical treatment, disability and death benefits in the event an employee is injured or dies as a result of his work with that business.

Product Liability Insurance - If you produce a product, or even a part of a product, that goes to an end user, product liability is a must. Product liability insurance works to protect a business when a business finds itself named in a lawsuit due to damages caused by one of its products.

Vehicle Insurance - If company vehicles will be used, the vehicles should be fully insured to protect businesses against liability if an accident should occur. At the very least, businesses should insure against third-party injury, but comprehensive insurance will cover that vehicle in an accident, as well.

Business Interruption Insurance - If a disaster or catastrophic event occurs, a business’s operations will likely be interrupted. During this time, your business will suffer from loss of income due to the inability to work in the office or to manufacture products. Business interruption insurance compensates a business for its lost income during these events.

 By having the right insurance in place, a business can avoid a major financial loss due to a lawsuit or catastrophic event. If you’re not sure you have proper business insurance in Prescott, the experts at Mosaic Insurance will be glad to review your coverage and give you their professional advice. To speak to one of our agents, please give us a call at 928-458-7374 and we will be happy to work with you to ensure your business is protected from disasters.



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