Owning a business is one of the biggest investments you’ll ever make. Because of this, you don’t want everything you’ve worked so hard to build crumble and fall apart. This is where business insurance comes in. Insurance plays a role in keeping everything you own safe. You can never be too careful when it comes to managing a business. In this article, we’ll be going over the types of insurance every business needs to own.
Business Income Insurance
Business income insurance is what covers you and any income that was lost due to a disaster. Despite the damage, you’re still liable for rent, bills and paying your employees. However, the cost of repairs can be more than you expect, so you might not be prepared. Having this policy in effect keeps your income safe and allows you to pay what was listed above with no issue. Another way you can do this is to take out a business loan. This is a special type of loan that businesses use to finance anything pertaining to your company. It’s best to take this loan from the right lender as they may give you additional benefits on top of the money you receive. You could be introduced to programs and support networks to help your small business achieve success. On top of that, the lender may be willing to give you a more flexible payment schedule, depending on the size of your loan.
Workers Compensation Insurance
It does not matter which of the many small business ideas you explore, worker’s compensation is what ultimately protects your employees should they come down with an illness or were injured while on the job and it is most likely necessary. This insurance is designed to help your employees pay off their medical bills, cover their paycheck for lost time, and even pay for ongoing care, like therapy.
General Liability Insurance
General liability can provide protection against legal claims for you and your company regarding incidents that occurred on your property. This policy covers things such as bodily injury, like a slip and fall, damage to their personal belongings, and being slandered. If anything, this is one of the policies you need to prioritize above anything else.
Professional Liability Insurance
Professional liability policies keep you safe from any lawsuits involving any potential errors with your services and products. If a customer has a problem or something doesn’t go their way, they may take you to court. Bear in mind that having a lawsuit will be attached to your record, which the general public will see. It’s also attached to the Better Business Bureau’s database.
Commercial Auto Insurance
This particular policy is especially important for any business that owns a fleet. The road can be a dangerous and unpredictable place. You never know when an accident can occur and who could potentially get hurt. If the accident involves your fleet vehicles, you could be slammed with the litigation as they’re in your name. This insurance protects you and the driver from property damage as well as bodily injury claims.