When you own a business, you have to worry about so many details: employees, inventory, pricing, customer service, and so much more. Having the right commercial insurance is one way to eliminate some of your worries and protect you from losses that could put you out of business. Below are the types you should consider for your company.
Vital Commercial Insurance
Some forms of commercial insurance are optional, but the following are simply necessary.
Commercial General Liability Insurance
All businesses need this type of comprehensive insurance. It covers your company against bodily injury, medical expenses, property damage, defending lawsuits, judgments, etc. Customers can fall in your store and then sue you for negligence. Someone can accidentally hit your building with their vehicle. The number of things that could happen is endless, so you need a solid general liability policy.
Professional Liability Insurance
If your company provides services instead of merchandise, you need professional liability insurance. Accountants, lawyers, cleaning services, etc. should all have this protection against loss caused by the service you provide such as malpractice, mistakes, and negligence.
Commercial Property Insurance
If your company owns substantial equipment, inventory, computers, and furniture, you should also consider commercial property insurance. This type of coverage will protect you from the loss of assets due to theft, storms, and fire. You may also want to keep a list of all assets within your company to make sure all is accounted for.
Business Interruption Insurance
At times, your business might have to temporarily shut down due to a fire, falling objects, wind, and other unexpected issues. This policy type covers your lost income from a temporary shutdown and the cost of damaged merchandise, temporary relocation expenses, and more. It is a definite safety measure you want applied to your company, especially if you have put a lot of time and money into the business itself.
Other Commercial Insurance Types
Depending on the nature of your business you may want to purchase additional policies, including:
Cyber Liability Insurance
Sadly, no business is safe from cyberattacks these days. Hackers could target your company and try to steal funds from your accounts or acquire sensitive consumer information stored on your system. A cyber liability insurance policy will help offset the costs of these attacks. If a customer sues you because of a data breach, the policy will help pay the resulting expenses. A good policy will also help pay for notifying your customers that their data was breached. While no one wants this to happen it sadly does and all your business can do is be prepared just in case of a cyberattack.
Technology Errors and Omissions Insurance
In technology fields, you are vulnerable to claims made by unsatisfied customers that can lead to legal action. You may be able to protect yourself by buying errors and omissions insurance. One mistake leading to a lawsuit could put a small tech company out of business. This policy type is an option for IT contractors, website developers, computer consultants, software developers, etc.
Essential Insurance
Your company needs protection from the many mishaps that occur. Customers get injured; storms hit your building your business is interrupted, and stock is stolen. Even the luckiest business owner needs to be prepared. One unprotected loss can seriously damage your ability to do business.
Consult with a trusted agent to learn what policies are necessary to protect you and your company. No business can thrive without the right type of insurance policies. In conclusion, hopefully, with the right combination of policies along with other benefits your business offers it will not only reach profit success but also satisfy worker needs and attract new hires and customers.
