There are many types of insurance for businesses, including coverage for property damage, legal liability and employee-related risks. If your employees suffer work-related injuries or illnesses, business insurance can replace most of their missed wages and help them get back to work. In most states, your business needs certain coverages, like workers’ compensation insurance and unemployment insurance, to operate. Liability insurance is also important because without it, you’d have to pay out of pocket for any legal claims filed against you. To protect your business’ property, income and financial assets, you’ll want a business owner’s policy , which combines three coverages into one: Commercial property insurance Physical locations Tools Computers Inventory Accounts receivable Bodily injury Property damage Advertising mistakes can help replace lost revenue if you can’t open your business because of damage caused from burglaries, fires or destructive winds.Depending on the unique needs of your business, you can also add other commercial coverages to customize your protection. Different Types of Insurance for Companies and Businesses There are many different types of business insurance options out there. Choosing what you need to protect yours can be overwhelming, but we’re here to help. Most businesses start with a Business Owner’s Policy , which combines: General liability insurance Commercial property insurance Business income insurance You can add more business insurance coverage’s to
your BOP to increase your protection. For instance, if you or your employees
drive for work, a commercial auto policy
can offer protection on the road. In general, it’s a good idea to research different insurance coverages. This can give you insight into which policies can help protect your business from financial loss. A BOP is a good foundation for business insurance. This policy combines the three types of insurance necessary for businesses, including: General liability insurance Accidents resulting in bodily injury Damage to someone else’s property caused by your business Personal and advertising injury claims to help cover damages to your business’ equipment, furniture and property. This coverage helps restore your property back to its original condition and applies whether you own or lease your property. Business income insurance also known as business interruption insurance, to help replace lost income if your business shuts down from damage. It’s impossible to determine your coverage needs without understanding your business’ risks. For instance, if your business relies on expensive equipment to operate, business income insurance can help safeguard your business if someone steals your equipment, causing you to shut down.
Once you’ve done your research, you can work with an insurance professional. They’ll analyze your situation and customize an insurance solution that helps keep your business protected. They’ll also help you get coverage while staying on your budget.
Over time, your business and industry may change causing you to need additional coverages. To make sure you’re up to speed, you should periodically review your insurance coverage.