Great business owners are not just optimists constantly looking forward to the potential for growth and expansion. They’re also pragmatists who acknowledge the reality of risks and the need to protect their business assets from losses. Whether dealing with property damage, income loss, lawsuits, and other financial risks, they know to lean on a reliable business insurance policy.
Business insurance helps owners pay for the financial costs of different risks and losses that entrepreneurial ventures face. However, applying for one may not be as straightforward as it seems. For starters, insurance options cover specific risks.
Knowing which one to get will depend on your present and future needs.
Business Insurance Options and their Coverage
Let’s look at the different insurance policies that can help you survive unique risks and recover from the losses that come with them.
Business Assets Insurance
Business assets insurance is also called material damage insurance. It covers physical losses from your office premises, including workplace equipment, valuables, and other goods and stocks.
Statutory Liability Insurance
This business liability insurance policy protects your business and your executives from unintentional breaches of labour policies set by your country’s laws.
Business Interruption Insurance
This insurance policy should be in place to protect your business from calamities and accidents. The policy will cover damage, financial losses, and business interruption caused by flooding, fire, earthquake, accidents within the premises, or burglary.
General Liability Insurance
This insurance option protects you from losses if your products, services, or employees unintentionally damage or harm a person or property.
Employee Benefits Insurance
Employee benefits insurance helps companies ensure that their employees have the coverage they need in case of sickness, disaster, and other emergencies.
Employers Liability Insurance
This policy is for employers and business owners. It protects them from lawsuits and claims brought by an employee against the company if they suffer from a workplace injury or contract illness while at work.
Cyber Liability Insurance
Cyber liability insurance ensures that small and large companies recover from the risks and losses of cyber-attacks that can disrupt their operations.
Professional Indemnity Insurance
This insurance policy protects employers from financially damaging mistakes or actions while providing products and services to customers and clients.
Commercial Motor Vehicle Insurance
This insurance policy is ideal for tracking companies and firms that rely on vehicles and wheeled machinery. It minimises the losses from business disruptions caused by damaged or stolen vehicles.
Directors and Officers Liability Insurance
This policy protects the director or any member of the upper management that faces liability issues from any oversight, wrongful actions, or incorrect decisions while performing their duties.
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