When you own a business, lawsuits, damages, and catastrophes are looming threats.
With so many different types of insurance available, it’s hard to know what is a necessity. Even though it might seem confusing, you don’t want to put off buying insurance until it’s too late.
Here are the different types of insurance you can have in place to ensure protection.
General Liability Insurance
General liability insurance will help cover you and your business if you are sued due to an accident or negligence claim. This includes damages from bodily injury, property damage, and libel or slander.
General liability insurance can also be tailored to fit your specific needs by adding on different levels of protection.
Professional Liability Insurance
Professional liability insurance, or errors and omission insurance, will protect your business from negligence, error, or malpractice claims. This coverage does not fall under general liability insurance.
This is important for businesses that provide a service. This includes lawyers, accountants, real estate agents, and physicians.
Product Liability Insurance
Professional liability insurance is important if you provide a service. Product liability insurance is important if your business manufactures or sells a product.
If you find yourself involved in a case in which your product caused damage or injury, then product liability insurance will help to protect you.
Whether you own commercial real estate, are renting, or run your business out of your home, you need to have property insurance.
If you run a home-based business, your home insurance may not cover losses associated with your business. This means that you may need both.
Property insurance will cover your business equipment, inventory, assets, and furniture in the event of theft, vandalism, a storm, or a fire.
However, this insurance may not protect you in the event is a large scale natural disaster. You need to speak to your provider if you feel this is coverage you need.
Worker’s Compensation Insurance
If you are hiring any employees, you need include worker’s compensation in the types of insurance you have protecting your business.
Worker’s compensation will provide insurance to an employee needing medical treatment due to an injury that occurred on the job. It can also cover disability or death benefits.
This is important for your protection, because your employee gives up their right to sue in exchange for the worker’s compensation benefits.
Commercial Auto Insurance
If your business will be using vehicles, you need to get commercial auto insurance.
This will help protect against liability if a company used vehicle is involved in an accident.
If you or your employees drive personal cars instead of business owned vehicles for work, then personal auto insurance will cover them. But you also could look into non-owned auto liability.
This is helpful in case an employee is involved in an incident and doesn’t have their own insurance.
Data Breach Coverage
If your business stores any employee or customer information that is sensitive and a data breach occurs, you could be stuck dealing with a lot of legal costs.
A data breach policy will give your business protection against losses. It can also cover part or all of the legal fees if this type of information is stolen or accidentally leaked.
Choosing The Types Of Insurance You Need
Finding the right types of coverage your business needs can seem daunting. However, it will protect you and help your business to avoid major losses.
If you’re ready to protect your business, contact us today for affordable and quality insurance that you can count on.