What kind of insurance do you need for your business?
Insurance is a must for every business. There are many risks for every business, and if something happens to yours, you will be the one who will have to pay for everything unless there is an insurance. However, things are not that simple, there are many types of insurance and you should be informed about all of them.
This is one of the most important types of insurance. You must have it whether you own the space or lease it. This kind of insurance covers everything, from furniture, equipment or inventory and it protects them in case of fire, theft or storm. This is an insurance for any type or size of business, even startups.
Nonetheless, the standard property insurance properties do not cover your business against earthquakes, floods or other mass destruction events. This means that if you want an insurance that covers those as well you might need a separate policy.
Business interruption insurance
In case of a disaster your property won’t be the only thing that is damaged. Your business operation might be interrupted and this is definitely something that will affect your entire business. If your business has a physical location this insurance will help you a lot.
With the help of business interruption insurance, you will avoid major financial losses and even bankruptcy. Talk to your insurer and see if this type of insurance works for you.
Product liability insurance
If you are a manufacturer for goods that are sold on the general market, then you need this insurance as well. If one of your goods is named in a lawsuit because it caused damages, this insurance can protect you. Each type of product has a certain coverage and you will get one that fits yours.
Workers compensation insurance
If you have at least one employee, then workers compensation insurance is needed and you should add it to your business’s insurance policy. This type of insurance will cover anything, from disability and death to medical treatment.
The insurance works only if the worker is injured during an activity for that business. Even minor injuries or medical conditions that are not too serious are covered by this insurance.
If you operate your business out of your home than the homeowner’s policy covers some of it. However, this one is not complete and you definitely need more, because its advantages can’t compare to the commercial property insurance. You should talk to you insurer and add additional insurance for your other inventory and equipment so that they are protected.
As long as you have company vehicles you must have insurance for them as well. Accidents ccan occur at any time and you want your vehicles to be protected. You can either use a policy that protects you in case of a third-party injury, or you can get a more complex one that also covers the vehicle if it is involved in an accident.
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