If you thought that there were a lot of options when it came to choosing the right home, car or life insurance, you probably never considered getting insurance for your business. The wide variety of choices is due to the many types of companies existing today. Professionals like doctors need to be insured when they make a mistake; transport companies need to have insurance for their passengers and security guard companies need to protect their guards. If you have goods in transit, it needs to be insured, and then you have to consider theft and breakage as well – the options are endless.
In this article, I will give a short description of the different types of insurance policies you can get for your business. This will make it easier for you to determine what kinds of insurance you need.
- General liability insurance – This policy covers a variety of incidents like injuries, lawsuits, accidents, and negligence claims.
- Product liability insurance – If your product is defective and causes damage or injury to the public, this policy will protect you.
- Professional liability insurance – This covers professionals like doctors, lawyers, and accountants in case of malpractice.
- Business premises insurance – It covers the physical structure of your business.
- Contents insurance – This will protect your stock against damage or theft.
- Commercial vehicle insurance – This covers all of the vehicles used for business purposes.
- Workers compensation – This will cover your workers if they get injured at work.
- Business travel insurance – If your employees travel often, this will protect you financially in the event of delays, injury or loss of equipment.
- Fidelity cover – If you have dishonest employees, this policy will protect you against losses.
- Key man insurance – When it happens that an important person in the company passes away, this will protect the loss of income of the company.
- Group health insurance – This is not something that will insure the company, but something a business owner should consider. It is health insurance that your employees join and contribute to.
- Group life cover – Like group health cover, this is a benefit for the employees. It can also insure your company should an important person pass away that causes your company to lose money.
- Equipment and plant coverage – It will protect your machinery.
- Goods in transit – If you transport high-value items, this will cover it if something happens.
- Engineering insurance – Covers you against mechanical or electrical breakdowns.
- Business interruption cover – As the name states, it will protect you financially if there are disruptions that cause loss of income to your business.
- Pollution risk – You could receive a fine if you pollute the environment. This policy will keep you insured in this event.
These are just the popular policies available to companies. There are many others, but they will be unique to the type of company you run.
As a business owner, you instead want to focus on your business and not on paperwork. It is still essential to ensure that you have adequate cover, as the lack thereof can ruin any company.