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Asics Asment 2 Assignment 2 Hide Assignment Information Tumi This assignment will be submitted to Turnitin Instructions Issue 1. Review both articles linked here, then report which Insurance policies you believe you would need if you were the sole proprietor of a lawn care business with two employees. Remember, coverage is great, but it isn't free, so you will need to keep in mind the costs as well as the benefits. Feel free to consult other sources but be sure to cite them if you do Get business Insurance - SBA.gov.Business Insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you're not protected with the right Insurance 7 Types of Insurance You Need to Protect Your Business www.entrepreneur.com/article/241026 Hong customer loyalty. Powered by Zendesk. CHAMPIONS OF CUSTOMER SERVICE Learn more zendesk puse. 1. Professional liability insurance. Professional liability insurance, also known as errors and omissions (EXO) insurance covers a business against negligence claims due to harm that results from mistakes or failure to perform There is no one-size-fits-all policy for professional liability insurance. Each industry has its own set of concerns that will be addressed in a customized policy written for a business. Related: Do I Need Liability Insurance? 2. Property insurance. a 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. However, mass- destruction events like floods and earthquakes are generally not covered under standard property insurance policies. If your area is prone to these issues, check with your insurer to price a separate policy 3. Workers' compensation insurance. Once the first employee has been hired, workers' compensation insurance should be added to a business's insurance policy. This will cover medical treatment, disability and death benefits in the entrepreneur 4. Home-based businesses. Many professionals begin their small businesses in their own homes. Unfortunately, homeowner's policies don't cover home-based businesses in the way commercial property insurance does. If you're operating your business out of your home ask your insurer for additional insurance to cover your equipment and inventory in the event of a problem. 5. Product liability insurance. If your business manufactures products for sale on the general market product liability insurance is a must. Even a business that takes every measure possible to make sure its products are safe can find itself named in a lawsuit due to damages caused by one of its products Product liability insurance works to protect a business in such a case with coverage available to