What Business Insurance Do I Need?

One way of protecting home based and large or small business owners and their companies from bodily injury or property damage is getting the necessary types of insurance policies through an insurance company. Insurance is an assurance of continuity in business even after damage or theft. Not all policies will be necessary for a small business though, so it is important to understand a policy before buying the policy. Below are some typical coverages of insurance you need as a large or small business and how they benefit a large or small business if a loss occurs.

1. Commercial property insurance

This type of commercial insurance helps business owners protect the physical asset or properties that belong to the business. This property damage policy protects business assets even at home. An insurance company can help you sort through the options and make the best decision. The best thing about this coverage is that it gives more coverage than homeowner’s insurance. It also protects the business from:

  1. Fire damage
  2. Lighting
  3. Computer damage
  4. Theft

2. Worker’s compensation

Workers compensation insurance provides benefits for the employees. Covering the employee, he/she tends to be more productive since he/she is sure of his safety. The business also benefits if an accident happens and the family decides to sue the company. This type of business insurance provides coverage of the lawsuit on behalf of the company. As for the employees, they enjoy medical cover, lost wages, disability benefits, and funeral. Though it may vary by state, every business usually is required to have workers comp insurance coverage, which can help to recover lost income and medical expenses from being injured on the job. An insurance company can help you sort through the options and make the best decision.

3. Business owner’s policy

Some situations led to the closure of a business. For a business to protect itself from losing its hard-earned profits, it is necessary to have a business owner policy. This type of insurance protects the business from fire, loss of income, lawsuit, or theft. Instead of spending the extra money to buy two coverages that will cover the business and the liability, a single policy will cover all the damages. An insurance company can help you sort through the options and make the best decision. This policy allows large and small businesses to adjust so that it can cater to special needs such as data breaches or professional liability coverage.

4. Inland marine insurance

If a business is likely to transport its items with a boat, this type of insurance policy is very important. The best thing about the policy is that it protects goods that travel in water and land transport. When a business gets this insurance coverage, it can cover mysterious disappearance, where the cause is unknown, and accidental drop and damage, which covers mishandling either in transit or unloading/ loading. An insurance company can help you sort through the options and make the best decision.

5. Professional liability

It is normal for a business to make a financial mistake at times. Some clients will not understand that the mistake was not intentional. So, a business needs to have professional liability insurance coverage that can protect them if a client sues them for a mistake when professional services have been rendered. With this coverage, business owners do not have to worry about negligent, misrepresentation, or inaccurate advice. This insurance covers all the legal defense for the company. An insurance company can help you sort through the options and make the right insurance decision.

Though these types of large and small business insurance products are a great start, there are many other options that can be part of a business insurance package including general liability insurance, product liability insurance, errors and omissions, business property, and business interruption insurance. An insurance agent at an insurance company can help to sort through all the options and get the right large or small business insurance for you at the right price. A business does not have to suffer after a loss or damage. Any business should consider having most of the policies mentioned above to cover their basic needs. Most of these policies will protect the company against theft, fire, cash loss, legal defense, and worker protection. Before buying a policy, ensure the coverage is benefiting the business. The business does not have to pay for losses; instead, insurance will cover it all.

To assess your business insurance coverage and ensure you are protected, contact us at 772-287-3625

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