If you own a business of any size, one of the most important things you need to do is make sure that you are covered in the case of any circumstances involving liability.
It’s no secret that we live in a litigious society, and there are any number of reasons that you could find yourself in serious trouble without the proper coverage.
But what kind of insurance do you need? Well, a lot of that depends on the type of business you run and what kind of goods or services you provide. Worker’s compensation is usually needed universally, while other types, such as commercial auto insurance, may only be necessary if you have company vehicles. In today’s article, we will go over 5 common insurance types that most businesses will require:
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Worker’s Compensation Insurance
This insurance will cover you if an employee gets hurt or sick while performing their job duties. Since nearly all states require businesses to carry worker’s comp, there can be serious penalties if you fail to comply. This can come in the form of fines, penalties, and even criminal charges.
Benefits of worker’s comp insurance include:
- Medical bill coverage
- Replacement of lost wages
- Ongoing care coverage
- Funeral costs (in the case of a fatal event)
- Various others depending on the specific policy
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General Liability Insurance
General liability insurance is a blanket type of coverage for many different scenarios. For example, a guest or other non-employee is injured in your workplace, damage to someone’s property, or even personal injury such as slander or libel issues. If something like this happens and you don’t have GLI, it could cause serious problems for you and your business.
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Commercial Property Insurance
This type of insurance is pretty self-explanatory; it covers most types of damage to your work building (whether you rent or own). However, it should be noted that it often doesn’t cover events like flooding or earthquakes. For that, you need to look into specialized policies.
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Business Income Insurance
Worker’s compensation isn’t the only type of insurance that can hurt you financially if you fail to obtain it; not having business income insurance can also have a significant impact on your bankbook.
It’s basically an extension of commercial property insurance in the sense that if you can’t run your business due to damage to your building, this coverage can help cover many of your expenses.
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Data Breach Insurance
Cyber security seems to be more and more in the news these days as people’s sensitive and private information is a prime target for hackers and other digital criminals. Data breach insurance can be the difference between saving your business and ruining it.
Don’t Get Caught in a Situation Where You Need Insurance and Don’t Have It
Insurance is one of those things that if you wait until you need it to get it, it’s already too late. Don’t lose the business that you had worked so hard to build just because you neglected to get the proper coverage when you had the chance. It only takes a few minutes to get in touch with a qualified insurance provider to find out exactly what your company should have.
