Building a business from the ground up isn’t a simple task. It’s even more tricky to keep the business going strong for countless years. The end goal for most business entrepreneurs is to find an operation that is stable and long-lasting.
If you’re looking to find security in the business industry, it’s important that you invest in the right types of insurance. Read through a brief description of a few key types of business insurance, and consider how you might better secure the future of your operation.
Product Liability Insurance
If your business operation creates a product that is sold on the general market to the public, then you need to invest in a product liability insurance policy. Product liability insurance will cover any arising financial costs due to unexpected failure of your product.
Even if you run a squeaky clean operation, there’s always a possibility of one of your products going awry. Protect your company, and make sure your product liability policy is up to date.
Professional Liability Insurance
Professional liability insurance may also be referred to as errors and omissions insurance. Professional liability insurance comes into play when negligence is claimed by a consumer that there was harm or maltreatment caused by one of your organization’s professionals.
There is no real way to control the behaviors and practices of each individual employee on your payroll as they work. Sometimes things happen, and sometimes false accusations arise. Either way, your business pays the tab if you don’t have the proper insurance policy.
If you run a business which requires the use of a vehicle (or many), you will need to invest in a well-designed auto insurance policy for the safety of your employees and your finances. Replacing or repairing a vehicle is one cost, but paying to fix your employee may total a much larger sum.
Accidents can happen due to design defects and include no fault of the driver. Protect your employees while they’re on the roads, and spring for a well-rounded auto insurance policy.
Whether you plan to buy or rent space for your business, you’ll need property insurance. Your property insurance policy will cover the cost of repairing or replacing any equipment, signage, inventory, and furniture you use for the purposes of your organization.
Understand before investing that property insurance typically will not cover damage to your property if, by chance, a mass-destruction event (floods and earthquakes) takes out your business.
Business Interruption Insurance
Business interruption insurance is the policy that will cover the money you lose in the case of a disaster or catastrophic event. If your business requires a physical location to function, then you need to be investing in a business interruption insurance plan.