Insurance is a critical aspect of owning and running your own business. All people know that they should have insurance, but it is not always clear what type of policy they need or why they might need it. Fortunately, this has been made easier with the infographic below, which gives the types of insurance needed for different businesses.
Commercial Property Insurance
If you run a business from space at your home or garage, then commercial property insurance is one to look into, as there are many situations where contents aren’t covered. While these kinds of policies can be complicated and expensive, take comfort in knowing that having the right cover could save you thousands if disaster strikes.
Business Interruption Insurance
Natural disasters do happen, and when they do, businesses can often be left struggling to recover. Business interruption insurance helps bridge that gap guaranteeing that if your business is temporarily shut down due to things like bad weather or lightning strikes. By applying for this insurance from reputable companies such as insurance solutions of America, you will be assured of receiving compensation.
Business Owner’s Policy (BOP)
Many small business owners prefer a business owner’s policy to cater handle their commercial property, business interruption, and other covers into one affordable policy. However, those seeking this kind of protection should check with their current insurers as many won’t offer this type of package anymore because they view them as too risky.
Public Liability Insurance
Accidents are part of life. While you might not think they will ever happen to your business, they do, and that’s why having public liability insurance is so important. This type of policy will protect you should anyone claim your business, covering both bodily injury and property damage (including loss or damage to client property).
Commercial Auto Insurance
In most cases, your vehicle insurance doesn’t impact your commercial policies. However, there are some instances where it can cause problems, especially when your rideshare company requires you to use your vehicle.
Prioritizing coverage for all five types of cover discussed above would be ideal. However, if you find yourself struggling with an insurance budget, prioritizing the three basic types listed above, that is commercial property, public liability, and commercial auto- would be the place to start.