What Business Insurance Do I Need?

One way of protecting your business is getting the necessary policies. 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 and how they benefit a business if a loss occurs.

1. Commercial property insurance

This insurance helps business owners protect the physical asset or properties that belong to the business. This policy protects business assets even at home. 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

This insurance tends to benefit 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 policy covers the lawsuit on behalf of the company. As for the employees, they enjoy the medical cover, lost wages, disability benefits, and funeral.

3. Business owner 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 policy 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. This policy allows the business to adjust so that it can cater to special needs such as data breaches or professional liability.

4. Inland marine insurance

If a business is likely to transport its items with a boat, this 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 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.

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 a policy that can protect them if a client sues them for a mistake. With this policy, business owners do not have to worry about negligent, misrepresentation, or inaccurate advice. This coverage will pay for all the legal defense for the company.

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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