Types of Insurance All Business Owners Need

WT_smb

Types of Insurance All Business Owners Need

If you own your own business, you might assume it’s obvious to need small business insurance. What most people do not realize is that there are more types of insurance that you need as a business owner. There are many different things to insure regarding your business. However, it will depend on the details of your business.

A Good Start

A good place to start is liability insurance. This protects you in the event that you, any of your employees, or your goods or services cause harm. This includes both bodily injury and property damage. Next up would be property insurance. This will protect any buildings, equipment, and tools you might own for your business. If you have any business vehicles, you will also want to secure commercial auto insurance. This will cover them in case of any damage or collisions.

Insurance for Employees

All 50 states require employees with W-2 employees to have worker’s compensation insurance. This coverage will provide wage compensation and medical benefits to workers who are injured on the job. In accepting said benefits, employees forfeit the right to sue their employer in the case of injury.

Another type of insurance you might want to consider is directors and officers insurance. This protects the company leadership from any lawsuits that might arise from decisions they make. Sometimes, changes can significantly impact the profits of a company, which might incite people to legal action.

If your business deals with sensitive or confidential information, whether for related to employees, clients, or both, you might want to secure data breach insurance. This is especially important if you are responsible for storing such information in your offices. If there is a breach, whether of paper or electronic files, this insurance will protect against any resulting losses.

Business Owner’s Policy (BOP)

You might be asking yourself if being a business owner has to make the insurance issue so complicated. How is one supposed to know which types of insurance they will need? How can you make sure you are covered before it’s too late? The easiest way to start is purchasing a Business Owner’s Policy or BOP. This policy is a bundle of insurance that saves you money. It is cheaper than securing all the types listed above individually. BOP’s will usually include property, vehicle, liability, and crime insurance. Of course, there is usually an opportunity to adjust the types based on the specific needs of your business.

Auto Listings
Motorcycle Listings
Life Listings
Health Listings
Home Listings
Small Business Listings

3 Comments

  1. Celsa on May 2, 2019 at 2:10 am

    This piece of writing offers clear idea in support of the new viewers of blogging, that really how to do running a blog.

  2. Anonymous on July 20, 2019 at 10:42 pm

    way to know if you are setting your business up for true success. Use our site to learn about the types of small business insurance you need. Furthermore, read up on avoiding the common insurance

  3. Alexander Sinnett on July 23, 2019 at 12:57 am

    Helpful info. Fortunate me I found your website by accident, and I am stunned why this coincidence did not take place earlier! I bookmarked it.

Leave a Comment





This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECENT POSTS

Car Insurance, Commuting, and Coronavirus: Companies Offer Relief in Uncertain Times

May 25, 2020

Car Insurance is essential for anyone who drives. And the word “essential” has taken on a whole new meaning these days. Our daily lives have changed drastically amid coronavirus and…

Read More

Coronavirus Pandemic Reminds Us of Importance of Life Insurance

May 4, 2020

As of the beginning of May 2020, coronavirus is responsible for almost a quarter of a million deaths worldwide. The coronavirus pandemic has reminded us of all of what is…

Read More

The Healthcare Industry, Health Insurance, and Coronavirus

March 30, 2020

According to CNN, as of March 22, the number of deaths from coronavirus in the United States has risen to 377. As a result, governors in 5 states have issued…

Read More

Kobe Bryant’s Tragic Loss Reminds Us of the Fragility of Life

January 27, 2020

Kobe Bryant’s passing is a terrible tragedy. It’s easy to forget how fragile life is. Unfortunately, we can get caught up in the hustle and bustle. It is not uncommon…

Read More

Purchasing Life Insurance During a Health Crisis

July 8, 2020

There are several things to consider during a global health pandemic. Sometimes the increased messaging can create more fear and lack of understanding than we would like. Our world has…

Read More

Health Insurance During the Coronavirus Pandemic

July 2, 2020

In today’s world, we have never thought more about the health and well-being of our loved ones. Of course, going through a completely unique and uncertain time, we are all…

Read More

Three Ways to Save Money on Home Insurance

June 22, 2020

The process of purchasing a home is lengthy and full of difficult financial decisions. The goal is to get the home you want and also save money. Finding the perfect…

Read More

Small Business and Big Risks: Protecting Your Livelihood Amid Pandemic and Riots

June 22, 2020

Owning a small business is already challenging enough. These days, with things like Coronavirus and riots, it is harder than ever. We all have our favorite local spot. It’s the…

Read More