What are the types of Business Insurance?
I am new to the term business insurance. I run a digital agency with a team of 15 and need to make my business insured from any liability. Please share insights on what types of business insurances are necessary for me and what should be my budget on the same.
Would appreciate any advice.
There are many types of business insurances which include coverage for property damage, legal liability and employee-related risks.
To ensure your business against liability, you should take general liability insurance. General liability insurance protects the business against any kind of liability a business might suffer like damage to rented property, such as by fire or other covered loss. It also protects the business against claims of false or misleading advertising, including libel, slander, and copyright infringement.
Hey Daniel, it’s good that you are thinking to insure your business against any kind of liability.
You should take up Commercial General Business Liability Insurance. This kind of insurance protects a company’s assets and pays for obligations like medical costs, for example –incurred if someone gets hurt on your property or when there are property damages or injuries caused by you or your employees.
The cost of business liability insurance differs from small to large businesses. It usually starts from $500 a year and goes up to as high as $3000 depending on the size of business.
Types of Insurance your business need:
1. Property Insurance- Cover all assets owned by your business in the time of destruction or damage due to things like fire and other.
2. If you need to temporarily close your business due to a fire or other hazards, the business interruption insurance will cover your loss of earnings until you are back in business.
3. Vehicle insurance to insure the vehicles owned by your company.
1. Business Content Insurance
This insurance protects the content of your commercial facilities, equipment, and commercial tools. If these are damaged, destroyed, lost or stolen, this coverage will pay for the cost of replacements or repairs.
2. Insurance of commercial buildings
Whether you work from home or in separate business premises, such as a store, an office or a bar, commercial building insurance should be a priority. If you rent facilities, be sure to check with the owner to see what is covered.
3. Insurance of shares
If you have stock, both on the spot and in the warehouse, the insurance coverage will cover the cost of the replacement if damaged, destroyed or stolen.
4. Personal injury insurance
Personal injury insurance covers serious injuries or deaths caused by an accident. You can pay for lost income, medical expenses, and hospitalization, up to the limit of the policy.
General liability insurance: all companies, even if domiciled in a house, must have liability insurance. The policy provides defense and damage if you, your employees or your products or services caused or presumably caused personal injury or damage to third parties.
Property insurance: if you own your building or have personal commercial property, including office equipment, computers, inventory or tools, you should consider purchasing a policy that protects you in case of fire, vandalism, theft, damage from smoke, etc. We also recommend that you consider disruption of business / loss-making insurance as part of the policy to protect your earnings if the business can not operate.
All small businesses need to be protected with insurance. However, many small business owners are not sure of the type of insurance they need to buy.
Small businesses that own their buildings and have a valid sales team can take into consideration the policy of the company owner. In the market, there is a type of insurance that protects against damage to property that the company owns and uses, and also combines the coverage that is in general responsibility.
One of the key points to owning a successful small business is building a solid reputation. You want your company to be reliable and known for its experience and excellent products or services. Not having adequate insurance coverage will not only put you at risk in the event of a loss, but it can also threaten that reputation with your customers.
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