What Type Of Insurance Do You Need To Have For Your Small Business?
When you have a business of your very own, it is so important to be properly insured. If you are not, you can literally lose everything that you have worked for. There are times when you will have products that will be defective, and people will want to sue you, perhaps because they were injured by one of them. Another possibility is that you may have workers that are unscrupulous, potentially stealing things from you while they are there. You can protect yourself using certain types of insurance from not only consumers, but from your own workers, allowing you to move forward with your business. Let’s discuss the many different types of insurance that you will need if you have a small business.
If you have a business where you have purchased your property, you need to have property insurance. Whether you are the owner, or if you have leased your space, you need to protect everything that you own in case of theft or vandalism. Most of these insurance policies will cover all of the equipment that you own and use. It will also cover inventory, signage, and furniture. If you have a fire, or a flood, you will be able to protect yourself by simply filing a claim to have everything replaced. You just need to make sure that you have enough coverage so that your claim provide you with enough money to get things back to normal.
Professional Liability Insurance
Errors and omissions insurance, as it is also called, is designed to protect you against negligence claims. For example, someone may accuse you of making mistakes that have cost the money, or state that you failed to perform as advertised, prompting them to file lawsuits against you. Each of the policies that are issued are typically customized for each client. That is because every client is going to be different. From the services that they offer, to the products that they sell, all of this needs to be covered under this policy that is designed to help you protect your business liability.
Product Liability Insurance
Similar in many ways to professional liability insurance, product liability insurance will protect you is something goes wrong with your products. As in the previous example, if a customer is injured or harmed in some way because of something you have sold, the last thing that you once is to lose everything that you have earned because someone sues you because of that injury. This insurance will also be created to cover everything that you are selling.
Home Based Business Insurance
This type of insurance is becoming more prominent than ever before. It has to do with the way businesses operate today. For example, if you own your own company, and you do most of your business out of your home, this is the type of insurance that you need. Likewise, if you work for a major company that allows you to take your work home, this would also be appropriate to have. It will cover your equipment, and any inventory that you have, in case there is theft or damage.
So many companies today actually deliver the products that they sell. Likewise, businesses that provide services at remote locations need to have it. If you have a fleet of vehicles, these can be very comprehensive policies, protecting you from many things that can happen. Typically, they are designed to protect you in case there is an accident. If it is your fault, or the fault of the other person, it won’t matter. This insurance will make sure that the replacement cost for your vehicles, and your medical bills, will be paid for with this insurance policy.
Business Interruption Insurance
There are insurance policies that individuals will take out if they are ever unable to work. This could be because of a catastrophic event. An example of this would be a major fire or flood that wipes out their entire facility. Disasters like this will make it impossible for the company to do any work at all. If you have an office, or if you are the manufacturer of products, you can get this insurance and feel confident that you will still be making revenue. This will come in the form of money from the insurance policy after you file the claim. It will make it possible for you to slowly recover and get things back to normal.
General Liability Insurance
This is a standard type of insurance that most companies will have. It is going to cover a wide range of things. This would include bodily injury, property damage, and personal-injury that could be the result of business operations. People that have this insurance will not have to worry about individuals suing them because of a slip and fall accident. That is because the insurance will cover the cost.
Other Types Of Insurance You Should Have
Depending upon the size of your company, you may be required to get multiple policies. Workers compensation insurance is one that you definitely need to have. It may also be necessary to get health insurance for your workers. Some of these are optional, whereas others will be mandatory. It also depends on the state in which you live. A business owners policy insurance is another one that may be very helpful. It will not cover large businesses, but is the perfect fit for small businesses that can protect you from any type of liability.
If you do have the time to go through the many different types of insurance that have been presented, you will likely find several that will be easy to obtain. The prices that they charge for each insurance company, and the deductibles for each one, can be compared along with the coverage. It is recommended that you get multiple quotes from different companies to see how much they are going to charge you. Also look at umbrella protection, a group of policies that when obtained at the same time, can help you save money on all of them. If you do have a business now, or if you are thinking about starting one, these of the policies that you will likely need. Once you have your quotes, you will know exactly which types of insurance coverage will be necessary for your business so that it can succeed despite problems that you may face.
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