The two most common risks businesses encounter are injuries and slip-and-fall incidents.
These quick moments of human errors, whether your fault or not, could lead to legal consequences. Some consumers walk through stores, looking for opportunities to take advantage of!
If you run a business, there are a few types of policies you need to have in place. Continue reading to discover the types of small business insurance policies that will prevent legal issues!
Professional Liability
One of the most important types of small business insurance to invest in is professional liability.
Human error happens, which makes insuring a business so essential. If someone on your team makes an error, you can have coverage and prevent bankruptcy from getting sued. If an accountant or medical professional makes a clerical error, you won’t have to be so stressed out.
This insurance coverage will help you cover legal costs if a claim is opened.
General Liability
When customers or vendors visit your business but get hurt because of their own actions, you need coverage.
General liability insurance will protect your business from having to pay someone for slipping and falling. This insurance policy can also provide coverage for injuries people got from misusing your products.
If you need general liability insurance, or property and income insurance, there’s a more efficient option. The Business Owner’s Policy will provide you with insurance coverage for all 3 items. This isn’t an appropriate choice, however, if you don’t need them all.
Property Insurance
While you review startup tips, you may come across statistics about theft.
Investing in property insurance will help you get compensation back if someone breaks into the building. Whether they take your phones, computers, or building materials, it could cost your company thousands of dollars.
Make sure you review the crime stats for the city your business is located in to determine how much coverage you need.
Data Breach Insurance
Just recently, the FAA had to cancel all domestic flights in the United States, some people believe it was because of a data breach.
Data breach insurance can help your company receive compensation if a hacker were to somehow get into the system. When you invest in this insurance policy, you don’t have to worry about handling upset customers. You can access a PR campaign or receive credit monitoring services to ensure everything’s okay.
You can click through to this article to learn more about cyber and data breach insurance.
What Types of Small Business Insurance Will You Need?
When it comes to insuring a business, you want to be covered, without having to pay more than needed.
By learning about the common types of small business insurance policies, you can get a better understanding of your needs. Think about the coverage your company currently has, and what it’s lacking. For example, if you don’t have data breach insurance, you are running a risk.
Make sure you read our blog for more business advice and info about running a company!
