When it comes to your business, you want to ensure that your bottom line is protected. You can set goals, make projections, and take risks, but there is no certainty about the outcome on your business. As a business owner, you want to be prepared for whatever problems or disaster that could arise and wreak havoc on your business that you have worked hard to build. For this reason, there are some basic types of insurance that you should be looking at for your business that are essential to your professional success. Let’s look at some of the types of commercial business insurance that you should have right now.
General Liability Insurance
This type of insurance is an important one to have since you can tailor it to meet your business needs and provide for both defense and damages. Commercial general liability insurance goes a long way by offering protection for you, your business and your employee. It can cover damages incurred as a result of bodily injury and property damage, as well as medical expenses, slander, third party lawsuits and out-of-court settlements.
Professional Liability Insurance
Also known as errors and omissions (E&O) insurance, professional liability insurance protects your business against negligence claims as a result of harm caused by mistakes, alleged or actual negligent acts, undelivered services, or improperly performing professional services. This policy may also cover defense costs in a civil lawsuit against your company.
Property insurance is essential to your business whether your business operates out of a space that you own or lease. In the event of a covered loss caused by a fire, storm or theft, this insurance can protect your business by covering inventory, furniture, equipment and signage costs. In essence, property insurance protects your building, the contents of your building, and even customers’ property (property left in your care, custody, or control).
Workers’ Compensation Insurance
Workers are important to your business and workers’ compensation insurance offers protection from being sued by workers for workplace conditions that may result in injury or illness. This policy can provide coverage for expenses related to medical treatment, disability and even death benefits.
Product Liability Insurance
Product liability coverage is vital for businesses that manufacture products for sale and can
protect manufacturers, wholesalers and retailers against claims related to bodily injury, property damage, or financial loss caused by defective products. It is possible to tailor coverage for a specific type of product. You can contact Equify for more detail on how you can strengthen your business with this type of insurance.
Commercial Auto Insurance
If your company uses a vehicle for its operations, you cannot predict what may happen on the road, but you protect your business against liability in the case of an accident while on the job. It is wise to insure against third-party injury, damage and collisions, and to get coverage for vehicles that carry employees, products or equipment. To deal with the likelihood that employees use their personal vehicle and does not have insurance or has limited coverage, get non-owned auto liability to protect your company.
To safeguard against the potential for a major financial loss due to a lawsuit or catastrophic event, having the proper types of insurance for your business is key. Assess your business and get advice, if necessary, on the types of commercial business insurance that you should have to protect your business, assets and employees. Your business’ longevity may depend on it.