- Professional liability insurance: Professional liability insurance, also known as errors and omissions (E&O) insurance, can help protect your business from potential lawsuits arising from any accidental or negligent actions you and your staff take. This type of protection is essential for companies of all sizes, as no one wants to risk their livelihoods by taking risks for the safety of others.
- Property insurance: Property insurance protects the physical goods, equipment, or inventory of the business that leases its property against any loss from theft, fire, or other perils. It can be an all-risk coverage policy that gives protection against all the risks. If your area is prone to problems like mass-destruction events, check with your insurer to price a separate policy.
- Workers’ compensation insurance: Workers’ Compensation provides compensation to an employee or their family in case of accidental injury or death during employment. This will cover medical treatment, disability, and death benefits if an employee is injured or dies due to his work with that business.
- Home-based business insurance: Many start home-based businesses hoping to become their bosses and do what they love. However, not everyone understands the risks of running a home-based business. Home-based businesses typically operate without the same level of infrastructure and security as those found in brick-and-mortar establishments. As a result, they may need fire coverage, theft coverage, and accident coverage.
- Product liability insurance: Product liability insurance protects businesses from lawsuits that may result from the use of their products. This type of insurance is essential for companies that sell products that could cause injury or damage to people or property. Product liability insurance works to cover a business in such a case, with tailored coverage for a specific type of product.
- Vehicle insurance: Company vehicles should be thoroughly insured to protect businesses against liability if an accident occurs. Auto insurance protects drivers and their cars from financial losses caused by accidents or injuries. It usually covers vehicle damage, medical expenses, and claims made on your behalf. Auto Insurance varies in terms of price (and coverage), but most policies include bodily injury liability, property damage liability, collision coverage, uninsured motorist protection, etc.
- Business interruption insurance: If a catastrophic event does occur, a business’s operations are likely to be interrupted. During this time, your business may suffer from lost income due to your staff’s inability to work in the office, manufacture products, or make sales calls. This insurance applies to companies that need a physical location, such as retail stores. Business interruption insurance compensates a corporation for its lost income during these events.
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