Types Of Business Insurance One Should Know
Running a successful business is not that simple. You’ll encounter various risks like robbery, property damage, employee injury, or revenue loss at any time and as a business owner, you must be ready for it. Business insurance will help you handle unexpected trouble at ease. However, you should have significant knowledge about the different types of business insurance first.
Business Income Insurance
This type of insurance will aid you to run your business after property damages like a fire accident. You certainly cannot open your business after the damage and it’ll be hard to pay bills like rent, electricity, and employees’ salary due to revenue loss. This is where business income insurance also known as business interruption insurance comes as a savior and pays your bills till you open your business. Contact btc agent today to sign the best insurance for your business.
Data Breach Insurance
It’s new age insurance. With the advancement of technology, businesses run online and many businesses save crucial data in their confidential servers. However, hackers breach into the server to steal the information. In times like these, data breach insurance will cover the cost to get the stolen documents and help you make your website even stronger. This insurance also covers the cost of data monitoring services.
General Liability Insurance
GLI will help you pay the legal claims on your business such as property damage to other people’s places, physical damage to others, and reputational damage. To be elaborate, if any of your ad or campaign offends anyone’s reputation or feelings, they can file a legal complaint against your business claiming reparation, same goes for physical and property damages. With GLI, you can pay off these reparations without worrying about spending out of your pocket.
Worker Compensation Insurance
One great thing about this type of insurance is, that it focuses on employees’ health and well-being. Understanding the necessity of this insurance many states make this insurance compulsory for businesses. This insurance covers your employee’s medical bills if they get hurt or fall ill during the job period. It also covers therapy bills post-recovery and funeral costs if they lost their lives in a work-related accident.
Commercial Property Insurance
This insurance is for the properties that you own and rent, and the things you use for your business. It covers the expenses of your properties if they were damaged by fire, robbery, storm, and lightning. This insurance does not cover natural cause damages like floods and earthquakes.
Commercial Auto Insurance
If you or your workers driving a company-owned vehicle mean you definitely need this insurance. This covers your vehicle and medical bills if you’re met with an accident. Remember, your personal car insurance will not be valid for accidents in third-party or company vehicles.
Error and Omission Insurance
Also known as professional liability insurance is must-have insurance for every business owner. If anyone or any lawsuit sues your business for any mistake in your service, this insurance will cover the expenses of the case and reparations.
So these are a few types of business insurance that every business owner should be aware of. Remember, the insurance policy, necessity and type may differ for various regions. It’s essential that you understand the law in your area before insuring your business. You can consult with a btc agent to determine the right insurance for your business.