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Protecting your business is always the first thing you should consider when attempting to succeed over the long haul. It would be best if you focused on how your business will profit and how it will prevent any liabilities. Regardless of your business or what products and services you offer, you must ensure continued operations even when faced with a lawsuit. And insurance is the best way to do that.
Your Small Business
There are many types of insurance, of course. Insurance is a vast and complex field, from general liability to errors and omissions insurance, workers’ comp, and more. It can all become a bit overwhelming if you’ve never had to obtain insurance before.
But we are here to help! Here we discuss some of the most common types of business insurance, which gears toward small businesses.
General Liability Insurance
It protects businesses from injury or property damage claims made by third parties. For example, if a customer slips and falls on your company premises, this insurance will cover their treatment costs.
Professional Liability Insurance
It protects your business from loss or damage claims arising from your professional services. Let’s say you have an accounting firm and release an inaccurate financial statement that causes your client to incur a penalty. Professional liability insurance can cover the settlement and legal fees if someone files a lawsuit against you.
Business Income Coverage
It covers income loss from the inability to operate your business because of property damage. It is sometimes referred to as business interruption insurance and typically covers damage related to theft, fires, or storms.
Commercial Property Insurance
Also known as hazard insurance, this covers business equipment and your facilities, whether owned or rented. If someone burglarizes your house, for example, and someone steals your computer equipment, this insurance will pay for the cost of replacement.
Workers’ Compensation Insurance
It covers claims made by workers if they get sick or injured on the job. It is a requirement for businesses in most states.
Commercial Auto Insurance
It covers claims of property damage and injury from operating a company-owned vehicle for official purposes.
Data Breach Insurance
Also known as cyber liability insurance, this addresses a common risk faced by many businesses. It protects you from losses or damage resulting from data breaches that involve theft or unauthorized access to your or your customers’ information. Data breach insurance is helpful in the following scenarios:
- When you have to notify customers that their data was stolen or compromised
- When you have to launch a public relations campaign to repair your company’s reputation
- When you need to provide credit monitoring services
Commercial Umbrella Insurance
This type of insurance extends the coverage limits of various liability policies you may already have. If you exceed the limits of your commercial auto insurance, for example, commercial umbrella insurance will take effect and cover the remainder of your financial liability.
Employment Liability Insurance
Also known as employment practices liability insurance, this protects businesses from employee claims against the company. It can cover various claims, including discrimination, sexual harassment, and wrongful termination.
Business Owner’s Policy
A business owner’s policy is essential to small business owners. It consists of several coverages, encompassing policies you would otherwise have to obtain individually. BOPs typically combine the following in a single plan:
- General liability insurance
- Commercial property insurance
- Business income insurance
As you can see, many insurance options are available to small businesses. But you may not necessarily need all of them depending on your particular field and the products and services you offer.
Although you want to ensure you prepare for all potential risks, you wouldn’t want to pay for insurance coverage you don’t need. It is advisable to consult with an insurance professional to find out which options are most suitable for your particular business.
About Transparity Insurance Services
Transparity Insurance Services was founded for the purpose of helping clients to ensure their property and assets with no hassle. We are committed to providing a simple, easy, efficient, and positive experience to all of our clients, and prioritize open and transparent communication with our clients. Through our excellent customer service and technology, we can help you to find the right insurance program at a competitive price. Contact us today at (855) 889-2037 to learn more about what we can do for you.