Insurance is simply security against risks. I have stressed over time that insurance is very important. I also described some insurance principles and how to keep your health insurance.
In this article, you will learn the 7 types of insurance you need for your business right now.
1. Professional Liability Insurance
Professional liability insurance covers a business against negligence claims due to harm that results from mistakes or failure to perform.
2. Property Insurance
This insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft.
Events like floods and earthquakes are generally not covered under standard property insurance policies.
3. Workers’ Compensation Insurance.
This will cover medical treatment, disability, and death benefits in the event an employee is injured or dies as a result of his work with that business.
4. Home-Based Businesses
If you’re operating your business out of your home, ask your insurer for additional insurance to cover your equipment and inventory in the event of a problem.
5. Product Liability Insurance
If your business manufactures products for sale on the general market, product liability insurance is a must.
Even a business that takes every measure possible to make sure its products are safe can find itself named in a lawsuit due to damages caused by one of its products.
6. Vehicle Insurance
If company vehicles will be used, those vehicles should be fully insured to protect businesses against liability if an accident should occur.
7. Business Interruption Insurance
This type of insurance is especially applicable to companies that require a physical location to do business, such as retail stores. Business interruption insurance compensates a business for its lost income during these events.
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