Building a business takes hard work, determination, and strength. These will help your company reach the highest heights in the hardest situations. But, it only takes a split second for all your hard-earned success to crumble. And without the right business insurance, your company could even face financial ruin.
With so many types of business insurance out there, how do you know if you’re making the right choice? We’re going to help you decide without the headache of listening to insurers.
What is Business Insurance?
Business insurance, like any other insurance, protects you from the unexpected. The difference is, business insurance covers any financial loss involving clients and employees. Any other insurance would cover the stranger who bumped your car in the parking lot. And many different types of business insurance could save you from financial ruin. But first you need to find the one that suits you best.
Types of Business Insurance
Like we said, there’s a whole world of business insurance types. Admittedly, this can make finding the right one for your business a little trickier than it needs to be. So, let’s narrow them down to the main options. These are the four main types of business insurance to consider:
Professional Liability Insurance
As a business, working hand-in-hand with your clients is rewarding, especially when everything is going well. But if one thing slips out of place, you never know when a client may take legal action against your company. In which case, professional liability insurance is your saving grace. This insurance covers negligence, copyright infringement and personal injury claims.
Employers’ Liability Insurance
If your workers become sick or injured because of the work they do for you, they may try to claim compensation. Having employers’ liability insurance is a legal need for every business with more than one worker. As a business owner, you are responsible for the health and safety of your employees while at work.
Business Property Insurance
Any business property requires business property insurance. Should someone break into your property, your insurance will help compensate for any financial losses. For example, if your office is in a busy city center and the break-in happens over the weekend. Your business property insurance helps cover the cost of repairing or replacing any personal property.
Commercial Motor Insurance
If you have company cars, then commercial motor insurance should be at the very top of your priority list. Workers who use their cars as part of their job are at risk of other road users causing damage or personal injury. In which case, commercial motor insurance would take care of the difficult part for you. Then, your workers don’t need to worry about how they’re going to pay for medical appointments. Not to mention trips to the garage to repair the damage.
Last Words
Choosing the right business insurance can be daunting and stressful at the best of times, but it’s easier than it sounds. Take your time and do some digging into the facts. This way, you can be sure your business insurance covers everything it should to protect your business from financial ruin.