Types of Insurance You Need to Protect Your Business
If you are a business owner, whether it be a small business or a large one, it is essential to protect your company from all kinds of risk. However it can be overwhelming to decide what kind of insurance policy you need because there are so many different kinds out there.
The kind of business insurance policy you need depends on the kind of business that you have. Since different kinds of businesses will have different kinds of risks, the kind of insurance policy they need will differ as well.
So before choosing an insurance policy, read through this blog to understand the different kinds of insurance policies available, the importance of insurance to the businessman, and then decide what would be best suited for your business. Read on to know more about what is covered by business insurance.
Different Types of Business Insurance You Need
1. Liability Insurance Policy
The advantage of a liability insurance policy is that it can protect your business from any claims resulting from damage or injury that might happen due to your business’s operations, its products or the office premises. There are several different kinds of liability insurances, such as general liability insurance, public liability insurance, professional liability insurance, management liability, contractual liability.
2. Property Insurance Policy
This kind of insurance can protect you from any loss, and theft to your commercial property and its contents, whether it be personal or rented business space.
Within property insurance, there are many different kinds of insurance plans that cover different kinds of buildings and spaces. A building insurance plan insures shops, buildings, offices, and other commercial properties from damages such as fires, natural calamities, burglaries and other damages.
3. Fire Insurance Plan
A fire insurance plan covers the expenses you as a business have incurred due to any damage that was caused to your building due to a fire.
4. Burglary Insurance Plans
There are also burglary insurance plans that can cover your loss in case of the occurrence of theft of cash, jewellery and any other valuable products that may be in your building.
5. Money Insurance Policy
This kind of is there to help you protect your business's money and monetary transactions, including cash, cheques, drafts, postal orders. You and your business will be protected in case of theft, loss, or accidental damage to your money, while it is in transit or secured in a safe or cash counter.
6. Fidelity Guarantee Insurance
This policy protects you and your business against any loss directly resulting from the dishonest acts of your employees during the course of their employment. So, a fidelity insurance will protect your business from any financial costs incurred as a result of dishonesty, theft or fraudulent acts by employees.
7. Electronic Equipment Insurance
This policy will protect you in case your business’s electronic equipment faces any loss or material damage to electronic equipment (which can include systems software). This includes costs of repair or replacement, loss or damage to any external data, and the increased cost of working when your equipment is out of commission.
AN July 20/22