If you own a business, whether it’s a small or large corporation, you are automatically exposed to risks. Unforeseen situations may eventually lead to bigger problems. This is where business insurance services come in. There are several types of insurance that are suitable for your specific category depending on the coverage and requirement of your business. Ultimately, they all have one goal and that is to protect your company from future problems that may arise. As a business owner, it is your responsibility to make sure that everything is in order and all your transactions and projects are in place. This is also applicable to securing your company’s future from further loss.
Types of Business Insurance
If a business owns or rents a space, acquiring a property insurance is important. In case of fire, typhoon or theft, your insurance will cover some of the damage and loss. This includes furniture, equipment, signage and stocks. However, there are clauses when it comes to particular situations such as floods, earthquakes and other mass destruction. These circumstances are basically not covered by property insurance. In case your business office is located in places that are prone to these conditions, you can purchase an additional policy. If you are starting your business at home, you can also ask your insurer for a separate policy since property insurance does not provide the same coverage as commercial insurance.
Commercial Auto Insurance
Company owned transportation require insurance policies in order to protect your business from liability in case of accidents. There are comprehensive plans that include third party injuries. A commercial auto insurance will protect you in case of personal accident.
Professional Liability Insurance
Professional liability insurance protects your company from negligence. This refers to situations where your business is at harm due to error or failure. There is no standard when it comes to policies and conditions. Different industries require different sets of terms and agreements. In this case, your policy will be customized to fit your classification.
Product Liability Insurance
If your company produces and sells products, you need to get a product liability insurance. This will protect your business from lawsuits that result from damaged products and goods. Similar to professional liability insurance, your policy will depend on the classification of your product. Different products have various coverage.
Business Interruption Insurance
In case of natural disaster, your business operations will cease to function. Each day your office is closed equals to a day of lost income. This is most appropriate for businesses that have a physical location such as retail stores or clinics. Business interruption insurance will keep you covered through this period of loss.
Workers’ Compensation Insurance
A workers compensation insurance covers the medical requirement and death benefits of an employee in case he or she gets into an accident acquired directly from his work. Accidents cannot be predicted no matter how careful you and your employees are. This policy will provide you and your workers coverage.
As an entrepreneur, it is your responsibility to make sure that all areas in your business operations are protected from future problems that may arise. It is best to review the different insurance services with your consultant so you can determine the right protection and policy for your company.