10 Types of Business Insurance You Need to Know About
Are you pondering the different types of business insurance to determine what your business needs?
Navigating the world of insurance and figuring out what policies would work best for you can be confusing.
Here, we’ve listed out ten types of business insurance you should be aware of.
Read on to learn what kind of business insurance you may need.
Public Liability Insurance
This is one of the most important types of business insurance for any businesses that come into contact with the public.
It protects you against claims made by someone who blames an injury on your business.
If visitors come to your business or you venture into people’s homes, then you need this insurance.
Building and Contents Insurance
This protects the items inside your place of business.
If you have a retail outlet or an office, then this insurance is for you. It will cover what you have inside against occurrences like fire or theft.
Employers’ Liability Insurance
This is one of those types of business insurance you don’t want to get caught without. It’s the only one that’s a legal requirement.
You can be fined for every day you don’t have this insurance. It protects you against lawsuits filed against your business for supposed damages.
Product Liability Insurance
This insurance covers instances where a customer believes your product damaged them.
If you sold something to someone and they claim it injured or harmed them in any way, this insurance can protect you against their claims.
Professional Indemnity Insurance
Many businesses opt to purchase a policy in this realm. It protects you if a customer claims you made a mistake that cost them money.
For example, if you breached confidentiality or gave bad advice, they could sue.
Business Interruption Insurance
This is another one of the types of business insurance you’d be really sorry to go without. It covers you for fires, floods, and robberies.
If your business endures some sort of unavoidable disaster, this insurance will pay out the capital you lost out on.
If you have good coverage, it could save your business in a tight spot.
Business Property Insurance
If your property gets damaged, this policy will save the day.
It protects not only your place of business, but also the contents of your space like furniture, computers, inventory, and more.
Workers Compensation Insurance
Workers comp is a requirement in many states. It pays for medical care and lost wages for an employee who is injured on the job, regardless of who is at fault.
You want to make sure you are not liable in a serious case like that, so look into these policies carefully.
Construction Liability Insurance
This is important if your business will be under construction or works in the construction field.
It can protect you against lawsuits and other liabilities that may result from a tragedy like an accident or other mishaps.
You’ll want to invest in a policy if you truly want peace of mind in this area.
Pollution Liability and Environmental Insurance
If there’s any chance of your business getting polluted, then this is one of the types of business insurance you can’t go without.
Cleaning up environmental waste can be extremely costly.
This policy will help to protect you against pollution-related losses.
Importance of Knowing the Different Types of Business Insurance
Now that you’re fully informed on the types of business insurance out there for you, it’s decision-making time!
Make sure to fully research the different policies available. You want to make sure you are covered in areas you’re vulnerable.
Contact us or comment below if you have any questions!
2 thoughts on “10 Types of Business Insurance You Need to Know About”
Thanks for the tip that construction liability is also something that can be covered by business insurance. I’d like to look for an insurance broker soon because I will be opening my business by next year if things go well. Building the establishment from scratch would surely require insurance.
It’s interesting to know that there are many different types of business insurance. I’m planning to start my own auto shop soon so having the right kind of insurance will be important for me. Having a product liability insurance sounds really helpful, as that would cover me in case some of my mechanics do a faulty job of things I’ll be sure to look around for a business insurance provider that has those sort of offers available.