For most companies, getting business insurance is paramount. Business insurance protects your business assets from loss due to property damage, loss of business income, or financial risks arising from employee illness and injury. Apart from these primary coverages, business insurance helps protect your company from liability claims made against your business for damages caused by professional services.
There are different types of business insurance that you can get. Typically, basic coverages are offered that every business needs. However, as each business faces its own unique set of risks, there are other specific insurance types as well for such situations. For this reason, coverages can depend on location and other variables.
In the following section, we’ll discuss the basic types of business insurance and a few additional ones. Keep on reading to learn what each of the business insurance types entails.
Basic types of business insurance
As mentioned, there are many different types of business insurance. However, most businesses need the basics included in a Business Owner’s Policy (BOP): general liability insurance, commercial property insurance, and business income insurance. Other companies also need commercial auto insurance and workers’ compensation insurance. However, these aren’t the only coverages available as there are even more coverages that can help cover your unique risks. Below are some of the basic types:
- General liability insurance: This insurance helps protect your business from liability claims. It protects your business from accidents that occur and cause bodily injury. For instance, if a customer slips and falls in your store, this insurance will step in to cover the medical expenses related to the accident.
- Commercial property insurance: This type protects your business’s physical property. This includes the equipment, furniture, and the property itself. The goal is to help restore your property to its original condition. For instance, if your computers and inventory get damaged in a fire, your commercial property insurance steps in to cover the costs.
- Business income insurance: This type can replace lost income if your business is unable to operate due to a covered loss. The coverage usually replaces lost income that arises from circumstances such as fire or storm damage.
Additional types of business insurance
To further discuss, the following are additional types of business insurance that you should be aware of:
- Professional liability insurance: This helps protect your business from errors in professional services provided.
- Workers’ compensation insurance: This provides benefits to employees who get injured or ill on the job. The benefits apply to the family of workers should they die on the job.
- Data breach insurance: This type helps cover the costs associated with a business-related data breach. For instance, it includes the costs to notify customers and employees as well as the costs to run PR campaigns in restoring your business’s reputation.
- Commercial auto insurance: This type covers the financial costs of an auto accident. For instance, if your employee is involved in an accident and is found at fault, the insurance will then cover the associated costs.
There are even insurance types that can help cover the unique risks of your business. With careful selection, you can customize a comprehensive solution for your business. You can do this by combining several primary insurance coverage with more specific coverages. Consider the valuable information mentioned above and see what insurance type is best suited for your business.
If you’re looking for an insurance broker in Henderson, NV to help you get the best insurance for your business, get in touch with us today! We’re happy to help.
