As a business owner, the thought of insurance policies can be somewhat daunting as there are so many options out there. So how do you know you are choosing the right ones?
Every business has different needs, so to make the insurance process a little less overwhelming, this article will break down four of the most popular types of insurance and what they typically include.
General Liability Insurance
If any members of the public make a claim against your business, general liability insurance aims to cover you. Typically, this insurance will cover claims involving injury, illness, and property damage. The damage caused in these claims would have been caused by your organization or a product/service that you sold to a member of the public. The level of cover you need will depend on a few different factors, including your company’s size and the industry you work in. You can learn more about general liability insurance through multiple online resources.
Workers Compensation Insurance
Injuries can happen in the workplace, and often they can be challenging to avoid. Therefore, you must have an insurance policy that covers both your company and your employees in these instances. Workers’ compensation insurance provides support for your employees if they fall victim to a workplace injury. It gives them financial support – and assistance – so they have a smooth transition back into work.
This type of insurance also protects your company against any negligence claims. If you would like to know more about how a Workman’s comp insurance works, take a look at this article from The Hartford who specializes in workplace insurance. If you want to protect the welfare of your employees, this is a policy you should strongly consider.
Commercial Property Insurance
Your business likely operates from a commercial property. To protect it, you should consider taking out commercial property insurance. This type of insurance will cover any costs if your premises needs any repairs or rebuilding in the future. It also covers you if you have any damaged stock or equipment. Unfortunately, avoiding property issues can be difficult, and issues such as a burst pipe can put a halt to your business operations.
This insurance cover will help to ease the burden in these situations. It gives you the support you need to get your business back on track. According to recent studies, one in four companies that have fallen victim to a fire disaster – have failed to reopen afterward. So it is clear to see how an insurance policy like this could help you save your business.
Business Income Insurance
There are occasions when a company can be forced to close its doors due to an event that has occurred, such as a fire or theft. Business income insurance helps companies cover their income loss in these instances. Typically, this type of insurance will cover your company in the event of a fire, theft, lightning, falling objects, and wind. However, it will not cover you in the instance of a natural disaster like an earthquake or flood. If you think your company could benefit from this cover, it is recommended that you do your research to find a policy that is the right fit for you.