Posted by United Insurance & Financial Group, LLC on
When owning your own business, many questions arise, like what insurance should you get for your business? You need to consider auto insurance if your business has employees traveling to conduct work and how much liability protection you will need in case a client is injured, or a natural disaster affects your business negatively. You don’t want to pay out of pocket for claims, especially as a small business, as it can get pretty expensive. This article will explore what insurance you should get for your business.
Business Insurance Explained
There are many types of insurance you should consider for your business.
General Liability Insurance. General Liability Insurance gives your business protection from bodily injury or property damage. So if a customer falls in your store, the coverage can help you pay for medical costs if need be. You can also look into policies that offer your product liability insurance that gives protection in case a product your business sells leads to bodily harm.
Professional Liability Insurance. Professional Liability Insurance offers protection if your business makes mistakes when providing professional services. This insurance is also known as errors and omissions insurance. If your business makes a mistake when providing services for a client that costs the client money, this insurance can protect you from those legal costs.
Business Income Insurance. If your business can’t operate because of property damage, then business income insurance can replace lost income which is very beneficial during challenging times.
Commercial Property Insurance. This coverage helps protect the physical property you operate the business out of and any equipment you use. If someone were to break in and steal work-related equipment, this insurance would provide coverage so you can replace the items.
Worker’s Compensation Insurance. This type of insurance helps employees if they injure themselves at work. That way, you can have help paying for medical costs if the injury worsens and they need to be seen by a doctor.
Commercial Auto Insurance. This insurance helps cover property damage or bodily injury claims if an employee gets in an accident while operating a work vehicle. Therefore, you won’t have to eat the medical costs.
Data Breach Insurance. Another name for this insurance is cyber liability insurance. This insurance can protect you if a data breach occurs and leaks personal information. It will cover costs associated with contacting clients, running a PR campaign, or offering credit monitoring services.
Commercial Umbrella Insurance. This type of insurance can extend the limits of specific liability policies so that you can cover the difference between what you may owe and your policy limit.
Employment Practices Insurance. Also known as employers liability insurance, it offers protection for employment-related claims, including discrimination, sexual assault, and wrongful termination.
Business Owner’s Policy (BOP). This insurance is popular because it combines general liability, commercial property, and business income insurance.
Hazard Insurance. This is also referred to as small business hazard insurance, and it provides coverage for a rented or owned business property like your office and equipment.
It’s imperative to research each type of insurance to decide what insurance should you get for your business. Doing the work now is better, so you don’t pay for it later.
Contact Us Today
We understand that researching and choosing suitable types of insurance for your business can feel overwhelming. We invite you to contact us here or call us at 484 – 881 – 6848. One of our insurance experts is happy to help you choose the best insurance for your business needs. We look forward to working with you.