What Is Business Insurance?

Business insurance has all sorts of small print, terms and conditions involved and one policy will often vary drastically from another. But in short, it is a form of insurance coverage that will protect your business from various types of losses. Chances are that you may need more than one form of business insurance. Some broad areas of coverage include insurance of your commercial property, cover for legal liability and cover for risks related to your employees.

What Kind of Business Insurance Do I Need?

The type of insurance that you take out will largely depend on the type of business that you run and the individual risks that apply to it. To be entirely sure what you need, contact various insurance companies and simply ask. They will help you to determine which types of cover you could benefit from. Rather than opting for the first company that you reach out to, converse with various different agencies. This will help you to see which types of cover are more broadly recommended and thus which you should focus on more. It will also help you to determine the best policy and price available to you.

General Liability Insurance

First on the list of insurance that you need is general liability insurance. Every business, no matter whether it is large or so small that it is operated entirely from home, needs this. So, what does it cover? Well, it provides cover and defence against damages that could be charged against your company (bodily and property), whether they were carried out by the company itself or its employees.

Key Employee Insurance

Key employee insurance is taken out by businesses in order to insure they key workers (or most valuable workers). These are the individuals that a company just couldn’t run effectively without. There are two options: life insurance or critical illness insurance. This means that you will be compensated for any loss that comes as a result of one of your key workers passing away or becoming too ill to work. Find out more at MyKeyManInsurance.

Commercial Vehicle Insurance

If you have a commercial vehicle, it needs to be insured. You need to take out commercial auto insurance on any vehicle that transports you, your employees, or company goods. If your employees have their own cars that are not provided by you, you should consider non-owned policies.

Data Breach Insurance

Most companies nowadays have private and sensitive information that needs to be stored. Whether this is customer information, partner information, or any other information that needs to be protected, you need to insure it. Occasionally there are unfortunate losses of data through technical error or human error. Data breach insurance covers any losses that result from this.

As you can see, there are various types of insurance that you need to take out. Some you will never have even heard of before! Bear in mind that this isn’t a complete or comprehensive list and there are various other types of industry-specific insurance that you may need to take out. So, do your research, be vigilant, and don’t try to cut any corners!