When you start working on any business idea, there are many risks you need to take care of. Before you even hire someone, your business is at risk, so you need to get appropriate consulting for your insurance. It isn’t anything new that small business crash before even having a chance to get somewhere.
It is great that businesses have a wide range of insurances they can get. Even if you have an insurance company you need to be protected. There are many ways you can organize your agency by using new technology software.
1. Public liability insurance
Public liability insurance is for claims made against your business because it’s damaged someone’s property or injured a person. You need it if you or your employees go out and see clients or if visitors come to see you. That is because innocent looking objects can cause trouble.
If clients get hurt, or you spill coffee on someone’s laptop, you have the insurance to cover that. You get specialist legal help to defend you, compensation for the person claiming and a helping hand to fix or replace what is broken. Having it means your business won’t slip up even if someone else does.
2. Commercial property insurance
Commercial property insurance is made to protect your buildings and contents from big losses. If your building burns down and you have to rebuild it, most business can’t do that. Generally, the cheapest way to fund catastrophic losses and pay for a catastrophic loss is through insurance.
When you purchase insurance, you want to get some extended coverage that is meant for earthquakes, floods, and similar things which your basic insurance doesn’t cover.
3. Workers compensation insurance
One thing we hear consistently from business owners is that they think they are too small to have to worry about carrying workers compensation insurance, but what happens if you don’t have the insurance and an employee gets hurt? Of course, you need to pay out of your pocket, and in some cases, it can cost you a company.
When you get the insurance for your employees, depending on the package, they are usually insured for medical bills, a portion of wages while they are absent, and entitled to a lump sum or whatever disability they have due to the injury.
4. Product liability insurance
You basically need this insurance if your company makes products which in any case can hurt someone or be misunderstood by someone. This insurance covers injuries, death, or disease to any third party. Also if someone doesn’t get hurt but their property does, product liability insurance also covers that. Your business needs this insurance even if you stop the production of certain product, but it is still on the market.
5. Vehicle insurance
Commercial auto insurance is auto insurance that covers vehicles owned by a business. If your business owns a vehicle then you need commercial auto insurance. It covers your liability if you are negligent in an accident. So, if one of your employees is driving one of your commercially owned vehicles and they caused a wreck and killed somebody. In that situation, if they are negligent, your business will be sued in all likelihood if there is a lawsuit for wrongful death and that is where commercial liability coverage comes into place.
If you have a fleet of vehicles it is very important to properly insure them. In most cases, you are going to have liability insurance and you are also going to have insurance that covers damage to your vehicles which is called comprehensive and collision.
6. Business interruption insurance
Business interruption insurance protects you from the lost profits and getting your business operational in case of a big event. Think about the storms, tornado, and all the technology around us that can actually cause your business to shut down. Business interruption insurance in that event becomes critically important.
It also helps your business up and running. So, it will cover the cost of generators, cleaning your store and then getting the new equipment back into your store to make sure your business is operational. Additionally to that, it covers damaging in your supply chain.