Any business, whether it is just getting started or growing, can suffer significant losses if it is not insured. Therefore, it is important to have the right business insurance plan in place. In this article, we discuss the six most common insurance coverages that you can include in your business insurance plan.
What is Business Insurance?
Business insurance safeguards your finances in the event of a loss to your company or reimburses you for any damages. It is a safety net in place for business owners that enables them to manage their operations without stress in the face of potential unforeseen circumstances.
But, how does it work? Say, while you are conducting business, the factory burns down due to a fire. Along with it, your factory’s machinery burns down, costing you a fortune that you would have to pay out of pocket. But if your company is insured, there is no cost to you at all. Property damage insurance would pay for all of the damages.
Business Insurance can protect your business against damages such as:
- Property Damage
- Libel or Defamation
- Third-Party Claims
- Advertisement Injury
- Employer’s Claims
Types of Business Insurance
Here are the most standard insurance coverages that a business owner should include in their business insurance plan.
1. General Liability Insurance
General liability insurance is purchased by business owners to cover any legal issues brought on by mishaps, injuries, and negligence claims. These insurance policies offer coverage for payments resulting from personal harm, property damage, medical costs, slander, libel, legal fees associated with defending against lawsuits, and settlement bonds or judgements necessary during an appeal process.
2. Professional Liability Insurance
Errors and omissions (E&O) insurance, often known as professional liability insurance, protects a company from lawsuits alleging negligence resulting in damage from mistakes or non performance. There is no one-size-fits-all professional liability insurance policy. The specific problems that each industry has can be handled by a policy that has been specially designed for a company.
3. Money Insurance
It exists to assist you in safeguarding the cash and financial transactions for your company, including cash, checks, drafts, and postal orders. You and your business will be covered if your money is taken, misplaced, or accidently harmed while being transported, locked up in a safe, or on the cash register.
4. Commercial Auto Insurance
For the automobiles, trucks, vans, and other vehicles used by your company, commercial auto insurance offers a range of coverage options. This coverage, which is intended for organizations with work vehicles, aids in covering the cost of an accident-related driver’s medical expenses as well as repairs to your company vehicle.
5. Workers’ Compensation Insurance
Workers’ compensation insurance needs to be added to a business’s insurance plan after the first employee is employed. In the event that an employee gets hurt on the job or passes away while working for that company, this will pay for medical care, disability benefits, and death benefits. Even if workers appear to be performing tasks with low risk, slip-and-fall accidents or medical issues like any syndrome could lead to a costly claim.
6. Cyber Insurance
With the help of a cyber insurance plan, business owners can shift the costs related to cyber-related assaults and data breaches. It will pay first-party expenses such as computer forensics to determine how the hack occurred, notifying prospective victims, credit monitoring services, and managing the potential consequences through public relations.
Get A Quote Today!
Reach out to Beneficial Insurance Solutions if you’re seeking a business insurance plan that is affordable and most suitable for your business. Their licensed insurance brokers will help you find a plan that works for your business, regardless of the size of your company. Click here to learn more about the type of insurance coverage they offer.
For more information about Business Liability Insurance Plan Calgary and Cyber Insurance Alberta Please visit: Beneficial Insurance Solutions.