Types Of Insurance You Need To Run A Business
Running your own business requires that you keep up with an array of various responsibilities. The job requires that you are capable of being a bit of a juggler, but there are some moments you simply cannot control. That is when insurance becomes your life raft.
When the worst happens out of the blue, it’s vital that you have the right tools to handle the situation. Here is a brief list of some of the most critical types of insurance you will need to keep your business running.
Automobile Insurance
If your business requires any of your employees to use a vehicle to complete their job, then you need auto insurance. Auto insurance will keep your company safe from any legal repercussions caused by a car accident. You don’t want to get stuck with the bill if your employee hurts someone or themselves.
Property Insurance
Property insurance is more aimed towards business owners who run a brick and mortar business, but home-based businesses can also benefit. The property used to sustain your business is covered by your insurance policy should anything damage or someone steal your things.
Professional Liability Insurance
Professional liability insurance is meant to protect your business against misrepresentation by one of your employees. If someone in your company fails to provide vital information to buyers, it could lead to a very hairy situation. Negligence or failure to perform can cost you a pretty penny, if you don’t have the proper insurance policy to protect your assets.
Workers’ Compensation Insurance
Even though workers’ compensation insurance is legally required in nearly every state, it’s just ethically sound to carry this policy. Should one of your employees be injured on the job, you should feel some sort of responsibility to that person and their family. That is why you should take the necessary steps in ensuring that you are going to do the right thing and help out your workforce just in case something does happen at your business. Your workers compensation insurance will make sure that your employees are covered, even in the worst of situations.
Business Interruption Insurance
Business interruption insurance is another policy that will be aimed more towards brick and mortar businesses than digitally hosted or home-based business operations.
A business interruption policy will cover the cost of shutting down should a disaster or catastrophic event occur. Your insurer will provide funds to fulfill payroll and other pertinent needs of your business until you can get the doors opened again.
Product Liability Insurance
Product liability insurance protects the integrity of your product. Your business could do everything right, all the time, and still have a product that goes awry.
If your product causes someone to be injured, you could be in a challenging situation. Your product liability insurance policy will keep your operation up and running strong without any scarring interruptions.
