Insurance is not just another miscellaneous for your company, but it should be treated as an essential part of your business plan. Any uninsured losses can ruin the existence of the company and may cause further damage in the long run. There are many types of business insurance and it depends on the needs it may have.
Below are types of insurance you should get for your company and check the coverage it offer:
General Liability Insurance
This insurance covers legal problems like accident, injuries and claims of negligence. It is also known as casualty coverage. The policies under this type of insurance offer protection against bodily injury, medical expenses, libel, property damage, slander, cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure. It would cover the legal costs and amount of settlement.
Cyber Liability Insurance
Companies these days have digital presence as well since almost everyone goes online. In this case, a lot of companies also collect credit card information from their clients for certain product or service or even just personal details of lead generation, leading for data to get stolen or known as cyber attack/hack. Big commercial companies such as Target and Home Depot have encountered hacking problem, exposing the data of their clients.
Cyber attack can ruin the network and can halt the work production instantly. Cyber liability insurance can protect your business from these kinds of cyber attacks and it also includes company’s website, payment system, and internal network.
Commercial property insurance
This insurance covers the loss and damage of your business property. Situations such as smoke, fire, wind, storm, vandalism or even civil disobedience can be covered for your business. Property insurance is really essential because it maintain enough the coverage needed for the location especially if your business experiences total loss. If you want to know more, you should consult an insurance agent or broker regarding the best property insurance for you business needs.
Worker’s compensation insurance
Employees who got injured on the job will be covered by this type of insurance. It offers wage replacement and medical benefits to those who are injured while working. However, the employee must give up the right to sue the company or the employer in exchange of getting the benefits. This insurance protects your company from further legal complications that will happen to your employees.
Business owner’s policy (BOP)
Most of the time, it includes business interruption insurance, property insurance, liability insurance, vehicle coverage, and crime insurance. You can also change what should be included in the BOP based on the company’s needs. Generally speaking, BOP will help company to save money because the bundles of services are often less compared to the total cost of all the individual coverage’s.
Product liability insurance
Companies that specialize in manufacture, wholesale, distribute, and retail types of businesses should get this type of insurance for safety purposes. It covers against the financial loss because of defected products that may result to injuries among employees. How much insurance should your company get? It depends on the type of product you sell or manufacture.
Professional liability insurance
A company that offers various services must get a professional liability insurance. It is also known as the errors and omissions insurance that covers against any malpractice, errors, and negligence in provision of services to the clients. You will be required to get this by the state government depending on the industry you belong.
Don’t waste time thinking if you should get insurance for your business, having one will give you and your company an adequate protection. Look for a reliable insurance adviser that will explain to you the coverage you should get.