Almost anywhere you travel, new construction and new businesses are popping up. While it may be difficult to fight the extra traffic that construction invariably brings, new businesses offer many things, such as more convenient errand stops and new eateries. Although starting a new business, or beautifying an existing one, is very exciting, it can also be overwhelming, allowing important details to fall by the wayside. Following are some of the various types of business insurance, such as business property insurance and commercial general liability insurance, that a new business or construction site might need.

Business Insurance Needs

When starting a new business, there are some business insurance requirements that any new venture will need. Top on the list of priorities is a commercial package policy that can cover many liability and business property needs. In addition, a new business may also need commercial general liability insurance as well as professional liability coverage if the services of an architect, accountant, consultant, doctor, engineer, or even a real estate broker are being offered. There are many types of professional liability insurance, which may also be called errors and omissions or medical malpractice insurance.

Builders Risk Insurance

Regardless the business is housed in older space that is being renovated or in a new building under construction, a builders risk policy is often needed. This type of insurance policy provides coverage for the property, including coverage for construction material, heavy machinery, and property in transit. This policy also covers things like fire, lightning, broken water mains, labor costs, negligent workmanship, flawed design, and even theft. It is important to keep in mind that most builders risk policies do not cover liability or certain acts of nature, such as floods and earthquakes. This type of policy usually extends for a time period of anywhere from 3-12 months, depending on the duration requested, and can be extended as necessary.

Bond Insurance

Another form of insurance a new business may need is surety bond. Like professional liability insurance, there are many different types of surety bonds. The ones most often seen with a new business are bonds that act as a financial guarantee. A utility company will require a new business to acquire a utility bond, which is a type of surety bond that acts as a financial guarantee that the business will pay for incurred utility costs. Another financial guarantee bond a new restaurant or bar may need is a liquor tax bond, which guarantees the business will pay its taxes on any alcohol sales.

These are just a few of the types of insurance a new venture may need; there are many more that may be required. No two businesses are alike, and each company has business insurance needs that are unique to them. Before starting a new business, call the insurance professionals at Jones & Associates and let our business insurance team guide you through the insurance needs of your new business!

Looking For Business Property Insurance In Bryan or College Station?

Jones & Associates Can Help With All Your Business Insurance Needs!

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