You can buy different types of business insurance to help protect your company. Business insurance can provide you with financial help if your office is damaged. It can also help if someone sues your company.
Property insurance covers any buildings that you own. Your insurance company will compensate you if a fire or flooding damages your structure.
Contents insurance is separate from property insurance. Property insurance covers only the building itself. To protect items on-site (such as products you sell), you need contents insurance.
Business interruption insurance covers a loss of earnings if you shut down unexpectedly.
If your business delivers packages or goods, you must have vehicle insurance. Business vehicle insurance is not the same as personal car insurance. It protects the company, not you personally.
General liability is a common type of business insurance. It covers injury liability. If you have a wet floor in your business, a customer could slip and fall. Injury liability can help pay for medical care for the customer.
If you sell any type of product, you need product liability coverage. This coverage will protect you if a product you sell causes damage to someone.
Cyber liability insurance helps protect you in case of any kind of electronic breach. If your client’s data is stolen, cyber liability insurance will cover the cost of a lawsuit. It will also protect you if an employee shares client information with the wrong people.
Professional liability insurance will protect you if a client sues you for negligence.
THE BOTTOM LINE
Take some time to consider your needs before shopping for business insurance. Talk to an insurance broker to figure out what kinds of coverage you will need. They can help you shop around for the best price.