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4 Types of Insurance Policies Your Business Should Hold

| February 08, 2022, 06:00 PM

Insurance Policy

Photo by Kindel Media from Pexels

Running a business is hard enough without having to worry about potential accidents or disasters that could occur. That’s why it’s important to have insurance policies in place to protect your business from these types of events. In this blog post, we will discuss four types of insurance policies that are essential for every business. Consulting with insurance experts like Mitchel Zelman can also help.

1. Property insurance.

Property insurance covers your business property against damages from fire, windstorms, or other natural disasters. It also protects the contents of your building in case they’re stolen or destroyed by a burglary. This type of policy is typically included as part of a package deal when you purchase an existing business and its assets.

However, if you’re starting a new business, you’ll need to purchase property insurance separately. The cost of this policy will depend on the value of your business property and the coverage limits you choose.

Tip: Make sure to review your policy regularly and update it as your business grows.  If there are any changes, contact your insurance company right away.

If you’re self-employed with no employees or contractors working for you in person at home, then consider taking out a separate policy just for your home-based business.

2. Liability insurance.

Liability insurance covers your business and its assets against claims of negligence or wrongdoing, such as personal injuries to employees or customers on the premises. It also protects you from liability for damages caused by products sold at your place of work (such as defective goods).

Liability insurance is also important for businesses that operate online, as it can help protect you from legal action taken by customers who feel they’ve been wronged.

Tip: When looking for business liability insurance,  be sure to ask about the policy’s limits and what is covered. For example, some policies only cover certain types of injuries (such as those that occur at your place of work), while others offer worldwide protection.

You should also find out if the insurance company offers a “duty to defend” clause. This means that they will provide you with legal representation if you’re ever sued.

If your business doesn’t have any employees, you may be able to get a personal liability policy that will cover you and your family members.

3. Business interruption insurance.

Business interruption insurance helps cover the cost of lost income and expenses caused by a disaster or other event that shuts down your business temporarily. For example, if there’s an earthquake in Los Angeles and you own a restaurant near Universal Studios Hollywood theme park, then this type of policy would help pay for lost earnings while the tourist attraction is closed due to damage caused by the earthquake.

Tip: To get an accurate quote on this type of insurance, provide information about how much revenue your business generates each year (including sales tax), as well as any special expenses that may be incurred during a disaster or other event like power outages.

Depending on where you live, you can find companies that offer business interruption insurance for small businesses. If you’re self-employed, you may be able to get coverage through your homeowner’s policy. However, the coverage will likely be limited so it’s important to shop around and compare rates.

Liquified Creative Annapolis

4. Cyber liability insurance.

Cyber liability insurance covers businesses against data breaches and other cyber-attacks. It may also include coverage for losses from website defacement, theft of intellectual property, or damage caused by malicious software (malware).

Tip: Most companies have some form of cyber policy already in place that protects them if their own systems are hacked into and sensitive information stolen. However, it’s important to make sure you have adequate coverage so that you don’t end up paying out of pocket for damages caused by another company’s negligence or lax cybersecurity practices.

Tip: Some cyber liability insurance providers offer policies with no deductible if a claim is made within the first year after purchase; this helps protect against unexpected expenses.

Conclusion

As a business owner, it’s important to have the right types of insurance in place to protect yourself and your company. By having insurance, you’re not only protecting your assets but also putting yourself in a better position to recover from any potential disasters or events that may occur.

Category: Local News, NEWS

About the Author - Stephanie Maris

Stefanie is a local blogger and social media content marketer from Maryland and most recently a wife and a mother. She has an unhealthy obsession with puns, sarcasm and caffeinated beverages.

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