Every day we face risk. From driving cars to walking down the street, there are risks to everything.
One of the most significant risks we can take in life is stepping out of the status quo and starting a business, but not insuring your business from the risks of day to day operations is simply asking for trouble. Just like in life, insurance policies are there to protect you from unforeseen expenses due to circumstances that are beyond your control.
Just like there are varying types of insurance policies for your personal life, there are many different types of business insurance. Let’s take a quick look at what some of these policies are and how they can help protect your assets.
Types of Business Insurance
The last thing you want is to find yourself uninsured after an accident. This is why protecting your business is vital to its continued existence. There are some coverages that are blanket across many industries.
These coverages cover a slew of damages, such as property or vehicle coverages. But not every business falls under the status quo. So let’s look at a few policies all business owners should look into and a few that are for those specialty businesses.
Professional Liability Insurance
Most business owners will know this as an Errors & Omissions policy. It protects you from any error (or omission) that your employees may inadvertently commit. The standards and processes for each industry will be different, so make sure to go over your particular industry with your agent.
An essential coverage, this policy helps to protect both your business and employees. It covers medical treatment in the event an employee is injured while on the job. The injury can range from a slip and fall to the more severe injuries that can take your employee out for weeks on end.
Product Liability Insurance
For those businesses that manufacture some form of product, this coverage is necessary to protect your company in the event your product malfunctions. Even if all the required steps are taken to ensure that the products that are sold are safe, you cannot always predict what will occur. This coverage protects you in such cases.
Business Interruption Insurance
When natural disasters wreak havoc on our communities, bouncing back to business as usual may not be an option. Recovery takes time, and when business is down, profit suffers. This particular business insurance coverage helps your business stay afloat during such times.
There are some businesses whose products or services are unique and require particular coverages. For these situations, you will want captive insurance coverage. Captive insurance agents are able to help businesses that may need a unique set of coverages.
Insurance Coverages For Specialty Business
Whether it’s regular business insurance coverage or specialty coverages that require a captive agent, it’s important to make sure you have the proper coverages in place.
Without the proper coverages, you are putting everything you’ve worked for at risk. For more information on how captive agents can help you protect your business, check out our website for more information.