You likely have insurance for your vehicle. You probably have health and life insurance as well. But do you have insurance for your business?
Business insurance provides coverage and liability protection in the event of unforeseen circumstances. Understanding the different types of business insurance will allow you to know which could benefit your business the most.
General liability insurance
General liability insurance provides coverage for claims of bodily injury or property damage against your business. It covers accidents that occur on your business premises or as a result of your business operations. Plus, it will protect your business if you have to go to court over a claim.
Professional liability insurance
Professional liability insurance, or errors and omissions insurance, is another important type of business insurance. It provides coverage for claims of negligence or errors in the services you provide. This insurance is important for businesses that provide professional services, such as doctors, lawyers and consultants.
Property insurance
Property insurance covers damage to your business property, such as buildings, equipment and inventory. Damage may be due to events like fire, theft or vandalism. This insurance can help cover the cost of repairing or replacing damaged property. It is a big help when recovering from unexpected losses.
Business interruption insurance
Business interruption insurance provides coverage for lost income and extra expenses that result from a covered event. Events are dependent upon your specific policy and may include anything that interrupts your business operations, such as a natural disaster or fire.
You have many options regarding the types of business insurance you may get. Most people choose the general liability option, but you should decide what coverage you need based on your specific situation.
