If you are going to be running a small business any time in the future. Or even if you are running one right now in the present, you’re going to need insurance. But many business owners just assume there are only one or two types of insurance that they’ve got to have. However, that’s not true at all. Just like having individual or family insurance, there are tons of types that you should have – insurance for your car, your health, your life, your house, etc. What this article down below is going to do is bring you through the top five types of insurance that your small business has got to have, no matter what. Keep reading down below to learn some more and protect your business!
Commercial Property Insurance
If you are going to be operating out of a physical space, then you need to make sure that you have commercial property insurance. This is going to protect your entire building or buildings, your products inside of it, your equipment, and property in transit. The reason you need this is that you never know what’s going to happen. There could be a sudden wildfire near your office buildings and everything could go up in flames. Or there could be some other type of security challenge that poses a danger to your physical assets.
Worker’s Compensation Insurance
You have got to watch out for those employees that you have that are not protected by the various worker’s compensation acts. For example, if you have an employee that was injured on the floor. And this was not covered by worker’s compensation. Then you can easily be sued by this worker and lose tons of money in damages. When you get worker’s compensation insurance, it is going to protect your business. This is in case an employee gets an injury at the workplace. That employee is going to have to prove that your business was at fault for this accident.
Data Breach Insurance
Imagine all of the confidential and personal data that you have floating around in cyber space related to your business, yourself, and your employees. What would happen if that information should fall into the wrong hands? Data breach insurance is also becoming more and more of a consideration for every business owner in the modern, digital world. This type of insurance is going to cover any kind of breach of data by a hacker or other criminal individual or organization. If you are operating in the digital sphere in any way, you’ve got to have this coverage on your side.
Product Liability Insurance
If you are a business that produces physical products, then you’ve got to have product liability insurance on your side. If you have delivered merchandise to a customer and there was an injury thanks to the product, then product liability insurance is going to protect you. This type of insurance can be according to the kind of product you are selling.
Commercial General Liability Insurance
No matter what business you run, you are running on a precarious surface. There can be one event, one injury, or one customer complaint that puts you out of business. Or even seriously hurts your chances of succeeding in the long-term. Therefore, you should have a commercial general liability insurance, which protects you against pretty much any complaint that comes from a third party outside of your business. If you didn’t have this insurance, you would have to deal with all of these expenses yourself.
There you have it! Small business owners everywhere have got to have these five different types of insurance if they hope to be safe when operating a business in today’s world. Which one are you going to look into first?