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5 Types Of Insurance Every Business Owner Needs

Risks cannot be eliminated. Business owners, however, need to be prepared to face any potential hazard: from surviving a significant natural disaster to dealing with an employee’s injury. Does your business have the right mix of the most important types of business insurance? Read on to find out:

Workers Compensation

If injured on the job, this type of insurance provides employees with replacement income and payment for medical bills. To enjoy these benefits, however, employees should give up the right to sue the employer over their work-related injury. Also, businesses protect themselves from potential lawsuits.

Some states require companies to purchase workers compensation, and significant penalties may apply it the business fails to keep this insurance updated.

Property Insurance

Property insurance helps businesses protect from unexpected events, such as fire, hail, theft, smoke, vandalism, etc. The adequate coverage also comprises the cost of repairing or rebuilding your company’s structures in case of an incident.

Some property insurance policies also have a business interruption add-on, which will compensate for lost income related to property damage. It also can protect your company’s earnings if you have to temporarily close or operate below your usual capacity after an unexpected event.

General Liability

Imagine a customer slipping and falling in your store or your employees damaging a customer’s property while working on their premises. In both cases, medical bills and damages are not cheap.

General liability covers legal costs and settlement payments awarded to the injured party. Nevertheless, the coverage varies considerably from state to state. The amount the insurer has to pay depends on the scope and the maximum amount stated in the policy. It is also a good idea to take out additional umbrella policies to cover extra costs. Lawsuits are often more expensive than the cap in a general insurance policy.

Business Owner’s Insurance

It is a policy that combines the most common types of property and liability insurance a business owner requires into one accessible, complete package at a competitive price.

Business owner’s insurance is generally purchased by small businesses to protect their companies from a vast variety of damage. As the business owner’s insurance is bundled, it is often is often cheaper than purchasing individual coverage separately.

Flood Insurance

Floods can be devastating for your business. Both business owners and tenants can reduce the risk of losing everything due to flooding with a flood insurance policy.

A flood insurance policy will protect the location of your business and also your assets. This kind of policy is specially designed to protect your business if your floors, walls, ceilings, equipment, furniture, inventory, and business property sustain floodwater damage.

Contact us today to discuss your flood insurance needs.

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