4 Types of Insurance That Every Business Needs
Insurance is basically protection for businesses because it helps mitigate different types of risk. Depending on the industry you’re in, you’ll require different types of business insurance for your protection.
There are multiple types of business insurance available and the kind of business insurance you need will be dictated by the goods or services you offer. If you’re just starting your company, then choosing a business insurance can seem like a daunting task.
Luckily, we’re here to help. Here are 4 types of business insurance every company needs regardless of industry.
Worker’s Comp Insurance
Worker’s comp insurance is a comprehensive protection for your company and your employees. It incentivizes on-the-job safety and protects your company from a lawsuit by an injured employee. Workers comp insurance also ensures that any employee who endures a workplace injury gets adequate and timely medical care while proving lost wages if they are not able to immediately return to work.
The medical care for workplace injuries is paid for by your worker’s comp insurance carrier, further mitigating financial risk for your company. A comprehensive worker’s comp policy and immediate reporting ensure your company’s compliance with state and federal laws for further financial protection.
General Liability Coverage
General liability coverage is typically very affordable and very important for small businesses. Unfortunately, many tend to overlook it thinking it isn’t really necessary. This couldn’t be further from the truth. General liability business insurance protects your company from lawsuits claiming that it caused injury to a person or property with your goods or services.
If these claims do come up, they can be expensive, and having the general liability business insurance to cover such a loss can mean the difference between a bump in the road and financial ruin. Many small businesses do not have the resources to cover a claim of injury to a person or property during the course of daily operations. General liability insurance is the protection you need.
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Commercial Property Coverage
Commercial property coverage protects the equipment you need for your day-to-day operations along with the property where you run your business. Even if the company you own offers a service, you’ll need commercial property insurance to protect your equipment when it is being stored after business hours. It helps protect against disasters like burglary or fire. Commercial property coverage is a necessity for every business owner.
Business Interruption Insurance
This is a type of business insurance that protects against financial loss from commercial property damage. The benefits paid are often used to take care of daily operations and expenses so the business can continue as normally as possible. Benefits can even be used to pay employees if necessary. Many times, business interruption insurance can be combined with commercial property coverage for the best protection possible.
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Business Insurance Offers Peace of Mind
The right types of business insurance can offer the protection you need for peace of mind. You’ll sleep well knowing your business is protected. Even if you’re just starting out be sure to purchase a workers com policy and general liability policy. Then consider commercial property insurance and business interruption insurance. These are the 4 most important types of business insurance that every company needs.