Picking the Right Insurance Policy for Your Business
There are different types of business insurances that can greatly help you in your business. For example you can go for Workers’ compensation insurance which is handy if an employee gets hurt at work- then their medical expenses will be covered. There is also Unemployment insurance which helps to pay a wages or unemployment benefits to an employee if you need to free them from work.
There is also Liability insurance that might be Professional, Product or General. Professional liability insurance helps with professional advice and work. Its name might vary from profession to profession- for example malpractice for doctors or errors and omissions for insurance agents.
There is Product Liability insurance– which protects your company if a product has some defective parts or faults. And about the General liability insurance- it covers damages and injuries that might happen to you and also if something bad happens to your property-for example if you lose your belongings.
Another type of insurance for your business is Business interruption insurance. Let’s say there is a fire at your working place and you need to close for the night. This type of insurance will cover the losses you will suffer from not being able to work at that moment and make the revenue you would normally earn on a working night. This insurance will cover the loss revenue for your business.
There is also Key manager insurance. Let’s say again you have a business that is run by a key figure- like your key manager for example. If something bad happens to that person, this type of insurance will cover your losses due to the inability of the manager to perform their tasks or due to their absence from the working place.
Another business insurance that is gaining popularity these days is Breach data insurance. This one will help you in cases when your company information or your vendors, employees or costumers’ personal data gets stolen by either employees or if your computers are hacked. And now the personal information is out there for people to use for identity theft, for telemarketing or causing things of a criminal nature.
Those are some of the most common types of business insurances. It is highly advisable for you to make your research and choose a licensed and highly-trusted insurance company with good reputation and positive feedback from other people. Once you find one- you should seek advice from their professionals so they can determine that best plan for your budget and your needs. Good luck!