Running a business is a lot like running a household in the sense that you need insurance to protect it. Without proper business insurance coverage, a bad turn of events you had unforeseen could end up ending your business overnight. Overall, you need to have the right kind of coverage to ensure that things don’t capsize your company.
Liability Insurance
One form of insurance your business certainly needs is liability insurance. This insurance can protect you from being sued. For example, general liability insurance coverage could protect you from a lawsuit if a customer were to slip and fall inside your store. There are also other more specific forms of liability insurance such as product liability insurance that protects businesses that produce physical products.
Business Income Coverage
In certain cases, your business may be interrupted due to matters outside of your control. In that scenario, business income coverage may allow your company to keep operating instead of going out of business entirely. It can be used to pay for lost income from theft, bad storms, or fire.
Truck Insurance
Many companies need to use trucks to haul their products to their end destinations. Whether you are simply traveling a few towns over or clear across the country, your trucks need to be protected with the proper insurance. In fact, truck insurance should go above and beyond regular auto insurance coverage since an accident could also mean losing a large number of your products.
Hazard Insurance
Hazard insurance, also sometimes referred to as commercial property insurance, is a kind of business insurance coverage that will protect your business property if it were to become damaged. The insurance can cover business property that is either owned by your company directly or simply rented.
Data Breach Coverage
You can also purchase coverage that will protect your company if it were to be hacked. When this happens, your customers’ data can be leaked and that can result in problems like identity theft and even lawsuits targeting your company. This kind of insurance should help pay for costs related to such a data breach such as providing credit monitoring to your customers.
There are, of course, many other kinds of business insurance you can invest in. This includes options such as commercial umbrella insurance, workers’ compensation insurance, and much more. Overall, while you may not want to invest in every possible policy out there, make sure you have enough coverage to protect your company in the context of the typical threats you will face in your industry.
