This post was most recently updated on May 11th, 2023
Insurance is among the most important things that every business needs, no matter whether big or small. There are many different types of insurance covers you need for your company, like vendor liability insurance, which protects you from unexpected costs that arise from various risks.
So, as a responsible business owner, you need to check out the various types of insurance coverage and embrace the best for your business. We’ve listed below some of the top insurance covers to consider for your business.
- General Liability Insurance
This type of insurance cover protects your company from damages it causes to others. Some uncertainties happen whereby a person may get injured or his or her property damaged at your company premises. Here’s when general liability insurance comes in to take care of the mess and compensate the other party on your behalf. Common claims include:
- Damaging another person’s property
- Body injury to a third party
- A personal injury like slander.
These are common accidents in companies. And they give you a strong reason to embrace general liability insurance cover, not to worry about them.
- Commercial Property Insurance
Your company buildings and equipment are among its greatest assets that need to be protected at all times. And the best way to do it is by going for commercial property insurance. This is because it covers all the damages that can be caused to your property during operations.
Unfortunately, this insurance cover doesn’t compensate you for damages caused by natural disasters like floods and earthquakes. For these, you need to go for a special policy such as commercial flood insurance or any other offered by the company you are going for.
- Professional Liability Insurance
If you are in the services industry, you need to embrace professional liability insurance. Wondering why this is happening? It protects you and your business from lawsuits arising from giving a client false information that caused them losses. This includes:
- Inaccurate advice
If the customer used the advice, you provided and his or her business suffered a huge financial loss after following your tips. They can sue you and ask for compensation. So, to be prepared for such situations, you have to get professional liability insurance coverage. It saves you from incurring expensive legal defense fees.
- Workers’ Compensation Insurance
This insurance cover is for your employees because it helps you take care of their welfare. It is your responsibility to ensure that your workers are healthy and, in case of any accident at work, you need to take care of the medical expenses. This can be costly for your business since it comes unexpectedly with other hidden costs.
So, to be on the safe side, you have to shift this responsibility to the insurance company. You do so by buying a workers’ compensation insurance package. Some of the benefits in it include:
- Covering medical bills
- Replace lost wages.
- Take care of funeral costs
- Cover ongoing care needs like physical therapy.
Choose the Best Insurance Cover
There are many insurance covers like vendor liability insurance, and you probably can’t go for all of them as it is costly. However, you need to pick the most important ones for your company.