Every businesses owner need protection from damages or loss,it is vital for business to partner with an insurance agency that comprehends their business actives so the arrangement can be custom fitted to accommodate its particular needs.
It’s essential to recollect that without necessary insurance coverage,, all that you’ve worked for can be lost in the squint of the eye, one large claim you can’t recover from.
Have it as a top priority there are such a significant number of things that business insurance protects you from that will enable gain peace of mind by focusing on your business .
Inthis article we shall be discussing various types of Insurance policy cover needs to Protect Business…..
1: Property insurance policies
2:Professional liability insurance
3.Workers Compensation Insurance
4 Vehicle insurance
5.General Liability Insurance
6.Product liability insurance
7.Data Breach or Cyber Security Insurance
8.Business Interruption Insurance
- Property insurance policies” As business owner, it is advisable to obtain direct damage coverage by purchasing a commercial property policy that covers loss or damage to business-owned property to inventory, furniture, equipment and signage from fire, burglary or tempest.,
It tends to be an all-risk coverage policy that gives protection against all the risks, or it can be named-risk coverage policy that gives protection against only those perils that are specified in the policy document
This kind of policies are usually flexible. You can add, remove, or amend coverages as needed by your business. to ensure proper coverage of everything inside your office, from computers to phones and furnitures
2. Professional liability insurance: This kind of insurance policy ensures the payment of damages to persons who have sustained financial loss arising from the professional’s negligence or that of his employee in the operations of the business.
Work mistakes happen, but when you’re an expert, this kind of policy protects business owners when their specialized knowledge or skill is called into question.It essentially. aims to protect the Professional person against any liability
Businesss can cover this type of claim under Professional Liability Insurance or Errors and Omission policy
3. Workers Compensation Insurance : Workers compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.
The insurance policy provides compensation to employees for death or bodily injury by accident or disease arising out of and in the course of employment
This insurance protects the employer from being sued by the employee due to injury and the employer pays into a system that provides the injured employee the amount required to cover medical bills and other expenses
4. Vehicle insurance: It important to protect yourself against unexpected expenses from partial or complete damage to company car,
Company vehicles should be insured as it can result in a liability claim in case of an accident. Companies should insure against third-party injury but Commercial Auto Insurance cover damages to the vehicle as well. It also covers vehicles used by delivery personnel carrying goods and offering services for a fee.
There are many specific forms of motor vehicle insurance, varying not only in the kinds of risk that they cover but also in the legal principles underlying them.
Types Of Auto Insurance
Third Party Auto Insurance
This policy covers death, accidental bodily injury and damage to the property of a third party
The Comprehensive Auto Insurance plan covers the loss or damage to insured vehicles as a result of fire, theft, vandalism, accidental damage or collision. Coverage also includes Legal Liability for death, bodily injury or damage to the property of 3rd parties arising out of the use of insured vehicles.
5. General Liability Insurance: it’s coverage that can protect business owners from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations.
It provides the defense and covers damages in case a product, employee or service caused.A single accident could result in a lawsuit that you might not be able to handle. A great way to protect against this is to make sure you have liability coverage that matches your level of exposure.
6. Product liability insurance: This insurance covers product-related defects for manufacturers, distributors and retailers, it protects businesses from lawsuits if their product causes bodily injury or property damage to a 3rd party.
Every business owner, you’re responsible for every product you make and sell. If one of those products is faulty, or causes some sort of injury, your business could be held accountable for the consequences that follow
It is designed to help protect your business by ensuring that if this happens, you don’t have to pay any legal or court costs.
7.8.Data Breach or Cyber Security Insurance:This type of monetary coverage purchased by business to protect financial interests in the event of data loss or stolen.
The loss of data can result in a data breach and the business owners can find itself named in a lawsuit. most IT consultants, Third-Party Data Breach Insurance makes the most sense.
If a client’s data is compromised, they could turn around and sue you, claiming the compromise resulted from a professional error or oversight on your part. Third-Party Data Breach Insurance would be the policy that could cover the costs of that lawsuit.
A good cases study is facebook and google that was sue recently on breach of data scandal.
8. Business Interruption Insurance:This kind of policy is designed to protect business owners for losses of business income it sustains as a result of direct loss, damage, or destruction to insured property by a covered peril.
It provide coverage for business income loss and Loss of use.This type of insurance is especially applicable to companies that require a physical location to do business, such as retail stores.