The Right Types of Insurance for Businesses
There are many types of insurance options out there that business owners can get. Insurance helps protect your company from different risks that can come up during normal operations. Choosing what There are many types of policy options out there that commercial enterprise owners can get. Insurance helps protect your caller from different risks that can come up during normal operations. Choosing what commercial enterprise policy you need can seem consuming, but we ’ ra here to help .
many business owners start with a Business Owner ’ south Policy ( BOP ) for their small business policy needs. It combines three essential coverages :
- General liability insurance
- Commercial property insurance
- Business income insurance
We made our BOP customizable, so you can add other occupation policy coverages to get more protection. For case, if your commercial enterprise provides a professional service to customers, you may want to get a master liability policy policy. It can help protect your business from claims that it made a mistake in the professional services given .
We know every business is different. That ’ sulfur why we ’ rhenium here to help you get the correct types of business policy .
8 Types of Insurance Policies for Small Businesses to Consider
You may have to get different types of insurance depending on the industry you’re in. That’s because every business faces unique challenges and risks. You may have to get different types of insurance depending on the diligence you ’ re in. That ’ mho because every commercial enterprise faces unique challenges and risks .
While there are many types of insurance that you can get, read about eight policies that many modest businesses can get to help protect them from a assortment of risks .
1. General Liability Insurance (GLI)
General liability insurance helps protect your business from claims that it caused:
- Bodily injury to someone else
- Property damage to another person’s belongings
- Personal injury, like libel or slander
2. Commercial Property Insurance
Commercial property insurance helps protect your owned or rented building and equipment that you use to run your business.
Be mindful that this indemnity doesn ’ thyroxine cover damage from earthquakes or floods. You ’ ll probably have to get a separate policy, like commercial deluge insurance, to help protect your business from these kinds of claims .
3. Business Income Insurance
If you can ’ deoxythymidine monophosphate run your business because of shroud property wrong, business income insurance can help replace your doomed income. so, you can use this coverage to help pay for ongoing expenses, like rent, utility bills or payroll. This type of insurance is besides known as occupation interruption indemnity.
4. Professional Liability Insurance
Professional liability insurance helps cover lawsuits claiming that you made a mistake in the services you provided. This type of insurance is also known as errors and omissions (E&O) insurance.
5. Workers’ Compensation Insurance
Workers’ compensation insurance gives your employees benefits if they get hurt or sick from their job. These benefits can help:
- Pay for their medical bills
- Replace most of their lost wages if they miss work to recover
- Cover funeral costs if they lose their life due to a work-related injury or illness
- Pay for ongoing care, like physical therapy
Most states require businesses with employees to carry workers ’ recompense indemnity. You can face fines, penalties and criminal charges if you don ’ deoxythymidine monophosphate comply with your submit ’ randomness law .
6. Data Breach Insurance
Data breach insurance helps your business respond to a data breach if personally identifiable information gets lost or stolen. Some insurers may call this coverage cyber insurance.
Data transgress insurance can help pay your costs to :
- Notify impacted individuals
- Offer identity theft monitoring services
- Create a public relations campaign
7. Commercial Umbrella Insurance
Commercial umbrella insurance extends the coverage limits for some of your liability policies. So, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.
8. Commercial Auto Insurance
Commercial auto insurance helps protect you and your employees on the road if you drive company-owned vehicles for business. It can help cover property damage and bodily injury claims from an accident your business causes. This is important because a personal car insurance policy won’t help cover third-party claims in an accident you cause with a business-owned vehicle.
What Different Types of Insurance Are Small Business Insurance Requirements?
Depending on your type of business and where you are, the law may require you to carry certain types of insurance. For example, most states require employers to have workers’ compensation insurance. Some states have laws for Depending on your type of clientele and where you are, the law may require you to carry certain types of insurance. For example, most states require employers to have workers ’ compensation policy. Some states have laws for business indemnity by industry. For example, accountants may have to get professional liability indemnity .
It ’ mho authoritative to make sure you ’ re familiar with your department of state occupation indemnity laws. You can work with an indemnity agent to make sure you ’ rhenium complying with regulations. They can help you customize an policy policy that fits your needs and budget.
Get Recommendations on the Types of Business Insurance You May Need
Wherever you are with your business, getting the correct types of commercial enterprise insurance is significant. It can give startups a good foundation when they open their doors for the first gear meter. And it ’ s important for experienced business owners excessively, because, depending on your occupation and your types of indemnity, policy needs may change over prison term .
We ’ re an policy caller backed by more than 200 years of experience and we ’ ve helped more than 1 million minor clientele owners. Our specialists want to do the same for you. We can work with you to get the types of occupation policy your company needs. Get a clientele indemnity quote today and learn how we can help you .