First, get your business insurance if you own a business or are planning to start one. There are many things that can happen in a single day of work. From a customer falling on the wet floor of your business premises to a worker being injured at one of the machines, there are many possibilities. This can lead to your business losing millions of dollars and putting you back on the right track if you don’t have proper insurance.
To protect yourself against the above, commercial and business insurance is the most popular type of insurance. There are many types of insurance available for businesses of all types. Every policy is different, so it is important to know what type of insurance you need for your business. Let’s take a look at the different types of business insurance you should consider for your company.
General Liability Insurance
This type of insurance is crucial regardless of your business’s size. This insurance is available to freelancers, self employed, and sole traders. General liability insurance also protects you in the event that your business activities cause damage to someone’s property, or someone is hurt or killed. It can pay for legal fees and other costs if you are brought to court.
Workers Compensation Insurance
Employers must ensure the safety of their employees. This is a requirement in some areas that all employers must have regardless of how large or small their business. This insurance covers companies against claims for compensation if an employee is injured or becomes ill while on the job.
If the former employees can prove that they became ill while performing their duties, it is also applicable to them. This type of insurance is not necessary if there are no employees or if they are all family members.
Commercial Property Insurance
This is another important insurance you should think about. It covers your business building, whether it is owned or rented. Additionally, it covers your equipment that you use to manage your affairs. This type of insurance does not cover earthquakes or floods. Before purchasing insurance, you should always read the fine print.
If you own a laundromat, commercial property insurance is a great option. It covers any potential dangers inside the building such as faulty sprinklers. This type of business typically has insurance costs that run up to $60 per month.
Data Breach Insurance
Data breach insurance is a good idea if your business deals with sensitive data. If your database is hacked or identifiable personal information stolen, customers could sue.
This insurance covers the cost of notifying affected individuals, provides identity monitoring services and launches a public relations campaign.
Commercial Auto Insurance
This insurance is essential for any business that has you or your employees driving company-owned vehicles. If accidents do occur, it can pay for property damage as well as bodily injuries claims. Because personal car insurance does not cover third-party claims, it is vital.
You may need multiple insurances depending on the type of your business. Many insurance companies offer personalized assistance to help your business function.
