An Overview of 8 Types of Business Insurance You May Need

After I was involved in a large auto accident a few years ago, I realized that I was about to become innately familiar with the claims process. Sure enough, within a few months I started to receive paperwork regarding my accident, and it was really interesting to see how my insurance company handled things. I was able to save a tremendous amount of money by talking with agents about covered and non-covered claims, and it really opened up my eyes about the entire insurance coverage process. Check out this blog for great tips on saving money, living better, and receiving the coverage you need.

An Overview of 8 Types of Business Insurance You May Need

2 July 2021
 Categories: Insurance, Blog

If you own a business, one of the best ways to protect your business is by carrying the right type of insurance. When it comes to talking about business insurance, it is important to realize that there are a whole host of different types you can purchase for your business.

1. General Liability Insurance

Most businesses carry one type of insurance: general liability insurance, which helps protect you against third-party injuries and third-party property damage. This can protect you against things such as copyright infringement lawsuits and defamation lawsuits as well that are related to advertising injuries. This is a great way to protect yourself against a host of different lawsuits that third parties could bring against your business.

2. Commercial Property Insurance

If you own or rent a commercial property, you are going to want to carry this policy. It is designed to pay to repair or repair any of your business property that gets damaged, such as your furnishings, equipment, and inventory. This is about the property that you use for your business.

3. Business Owner's Policy (BOP)

The BOP provides general liability as well as commercial property coverage under one structure. With a BOP, it is possible to get lower rates on these important policies.

4. Business Interruption Insurance

Another type of insurance is business interruption insurance. This type of coverage will provide you with expenses to cover the operation of your business if it has to close for an unforeseen reason, such as a flood or a storm or another covered event, you will still get the money you would if your business was operational, allowing you to meet your business expenses.

5. Cyber Liability Insurance

Next up is cyber liability insurance. If you do a lot of online operations, even if it is just for data uploads, you will want to have a cyber liability insurance protection policy. It will you deal with the cost of a cyber break and deal with any lawsuits that could result in a cyber liability breach.

6. Commercial Auto Insurance

If you have to drive vehicles for business, you will want to carry commercial auto insurance on those vehicles. This type of policy will cover things such as legal bills, property damage, and medical expenses if your business vehicle is the cause of an accident.

7. Workers Compensation Insurance

When you have employees other than yourself employed at your business, you will want to carry workers' compensation. Worker's compensation is vitally important, as it pays the bills, such as medical and lost wages if someone is hurt or becomes ill due to their employment with you.

8. Professional Liability Insurance

Next up is professional liability service coverage, which you will want to carry if you provide professional services to other businesses. It covers mistakes and errors with your work.

There are lots of different kinds of business insurance to consider. It is essential to talk with an insurance provider to figure out what type of insurance you want for yourself.