Are you trying to figure out what types of business insurance you need? Read this article to learn about the different types of business insurance.
Running a business comes with a great many risks and things you need to consider. That’s why there is a range of different business insurance options for you to choose from, all offering different degrees of coverage.
Did you know there are more than 30 million small businesses in the US? Each of these will have a shared base insurance requirement along with a range of other needs based on the niche and industry they serve.
Where do you start? It can all be a bit overwhelming for a new business trying to figure out what they need.
Keep reading to learn about the core different types of business insurance that you will need to take to ensure you are covered for anything.
General Liability Insurance
One of the most common and essential business insurance policies is for general liability. This is a policy that protects you from a range of issues including:
- Damage to someone else’s property as a direct result of your business,
- Personal injury, and
- From any accidents that may result in bodily harm.
When starting a company, getting your liability insurance settled should be the first type of business insurance you should get.
Commercial Property Insurance
Whether you are running an office of a retail business, making sure that your property is covered by a good level of insurance is a must.
There are many different types of insurance for your business, but the property should be one of the primary ones shared across all niches.
The right insurance should cover your business for both damage to the property and the fixtures and fittings. This means your equipment and furniture.
If you deal with goods in transit then Forum Insurance might be beneficial.
Business Interruption Insurance
Sometimes things happen and a business is forced to close, for reasons beyond its control. The current global crisis is an extreme example of this but also highlights how important it is for businesses to have themselves covered for business loss.
This insurance for business loss is important because it will help ensure you stay buoyant during times of enforced shut down, thus allowing your business to survive and continue trading again once the restrictions are listed.
Data Break Insurance
As a business, you will be storing sensitive customer information. Whether you are an office drive business or a retail shop, you will be storing client data in some form. Should anything happen and this data is obtained by the wrong people, you could be in trouble.
By taking out data breach insurance you are covering yourself for any nefarious acts that may befall you and your client data.
Workers’ Compensation Insurance
When thinking about what insurance you need for your business, you need to consider not just yourself but those you employ too.
By taking out workers’ compensation insurance you are covering yourself and your staff for a range of incidents from wages lost due to the injury or even benefits to their families should anybody lose their life on the job.
This is often a legal requirement for a business so make sure you get the correct cover in place.
Know the Different Types of Business Insurance That Matter to Your Business
There are a lot of different types of business insurance, especially for the more specific operational requirements. These will vary based on your business size, the sector you work in and many other factors.
It is important to ensure you understand your coverage requirements and get the right insurances in place before you need them.
For more helpful tips on successfully running your business, check out some of our other articles today.