There are many things that make owning a business an attractive proposition. For instance, you can work your own hours and be your own boss. However, with great power comes great responsibility. There are many things that you need to know and to do so that your business can be successful and protected.
One of the best things you can do for your business is to make sure that you have the right kind of insurance protection. If you don’t, you might find your business and possibly yourself in severe financial straits. If something unexpected happens, you need to make sure that your business can weather the storm. However, choosing the right insurance isn’t as simple as it might seem. There are many kinds of insurance, and you might be surprised at what you need. Here are some types of insurance that your business may need.
General Liability Insurance
You never know when someone might get hurt, or their property is damaged. If it happens at your place of business or is caused by an employee, then you could find yourself getting sued. If you say something in public that another party feels might damage their reputation, then they could file a claim against you. There are many other scenarios that could lead to you being sued, even if ultimately you were not at fault.
The fact is, you could run the safest business in history, but the thing about the unforeseen is that we do not foresee it. Plus, even if someone gets injured, they can bring a suit against you even if you did nothing wrong fighting in court comes with a hefty cost, even for a minor issue. General liability insurance will provide compensation for legal and court costs, witnesses, fees, and other expenses related to defending yourself. Plus, if your efforts are unsuccessful, it will protect you against having to pay damages out of your pocket.
Workers Compensation Insurance
Workers compensation is a legal requirement in most states. It protects your employees from having financial hardship after getting injured on the job. It also protects you from having to pay for medical bills and lost wages related to that injury.
There are many ways that employees can get hurt or sick while they are at work. You could have very strong safety protocols, but humans aren’t perfect and mistakes can be made. Workplace injuries can be devastating. A worker will want to focus on healing and recovering so that they can get back to work. However, if they have medical bills, physiotherapy costs, and lost wages to worry about, they might add mental injury to their physical ones. They can get compensation for all of those costs, and you won’t have to worry about a lawsuit or paying for everything out of your business or personal assets. Your costs for workers can vary greatly depending on the type of job. If you don’t have it in place already, then get a workers compensation insurance quote right away so protect you and your employees, and make your business legal.
Commercial Property Insurance
Too many business owners think that they don’t need commercial property insurance if they already have general liability insurance. Nothing could be further from the truth. General liability insurance protects against lawsuits and paying for injuries and damage. Commercial property protects you against the cost of having to repair or replace your property. This is a coverage you should have even if you have a home office. Your equipment, such as computers and printers, and any inventory that you keep in your home can all be protected.
Your property includes the building in which you work, and the land on which it is situated. It can also include equipment, inventory, and anything else that you have in your workplace that has value. It not only covers what is inside the building, but also outside, such as signs, fixtures, and fencing. This type of coverage can protect you against many possible hazards, such as vandalism, theft, weather events, natural disasters, and accidents. Without it, you will have to find ways to pay for replacement and repair of your property. Depending on the nature of the event, you could be facing more than you can afford without coverage.
Commercial Automobile Insurance
There is a common misconception that as long as you have personal automobile coverage for your vehicle that you are sufficiently covered. However, if you use your personal vehicle for business purposes, then you absolutely need additional coverage. When you get in an accident is not the time that you want to discover that you are not properly covered.
Personal automobile coverage protects for normal use, such as driving for errands, going to work, and leisure activities. If you are using it for delivering, or carrying equipment, or any number of business tasks, then you are not fully covered with personal insurance. Talk to your broker to see how much coverage you have, and how much you need depending on how you use the vehicle. Of course, if you have a fleet of vehicles owned or leased by your business, then you will need the right commercial automobile coverage to protect all of them.
Cyber Coverage
In this day and age, pretty much every business stores data in digital form or uses cloud software solutions. Whenever there is digital data, there is a risk of a data breach. With cyber security coverage, you can protect yourself from lawsuits that might result from such a breach. It will help with legal costs and paying out damages. Many coverages also provide compensation for hiring a public relations expert to help with your brand image that may have been harmed.
As you can see, there is a lot that can go wrong, and a lot to protect when it comes to your business. Never leave yourself or your brand without the right coverage. Talk to your broker about what risks you might face and make sure that you have business insurance policies to cover them all.
